They forge powdered rods pretty much like any other rod. After firing, the rod is reheated, place it in a big assed press, hit a button and presto! A forged powdered rod. And yes, all powdered rods are forged. Without that step there is no way they could stand the gaff. There obviously is a difference between this rod and OEM rods. Mostly the alloy of metal powder.
Shortly before I retired, I had the opportunity to inspect a couple of plants that make powdered metal parts. On of them was the Masco plant in Columbus, IN where they were making cracked powdered rods for the Ford Vulcan engine. That is how I know about the forging step.
You would not believe the stuff that is made from powdered metal. One part I saw being made was a complex part for an automatic transmission. It was a part that if machined would have cost several dollars, I would guess they were making them for pennies. The process is so precise the part did not require any machining, of course that is not true of rods. I understand why don't like the idea of powdered metal rods. I thought powdered metal parts were fit only to be used as spacers that would break if they hit the floor too hard, but the technology has made tremendous advance from the crappy parts of our youth.
Bill