Yep, well sort-of, they're a phenolic resin-based engineering plastic. Think snooker balls.
Conspiracists say they're an evil ploy to save money, but they have real advantages, and lower manufacturer/machining cost would be one of them.
IMO they're fine if you don't heat the brakes enough to fade (they transfer less heat than steel, which is good if you're slack with fluid changes like me, but bad if you work the brakes hard.), and the best option if you're in salt water often. Otherwise stainless steel is the go.
Plain steel is a downgrade from phenolic IMO since the plating eventually wears off and accelerates wear on the seals and bore.
Phenolic also tend to be quieter/smoother (since they're lighter, they don't 'shudder' with as much energy.), but probably not a factor for us.
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