Yup, it's a stem. This isn't the first stem I've done, but it's (arguably) the first decent one, since I first built a few stems about 4 years ago, had mediocre results, and gave up to build more frames and forks. This one came out well, though, and I'm pretty proud of it. I'm of two minds about stems like this. On the one hand, they look spiffy with a matching steel frame and fork, and they're definitely capable of providing a bit more peace of mind than a lot of the <100g carbon/aluminum stems that are out there. On the other hand, they're a reasonable amount of work (small stuff is a pain to make solid and straight) and they're not exactly ultralight - the one pictured is 105mm long and weighs close to 180 grams. The single-bolt bar clamp makes using a carbon bar a big no-no, too, which is likewise going to be unpopular with the weight geeks. The bottom line there is that to make it worth my while to build them, I'd have to charge something like $125-175 (I'd have to build some more and time myself to see for sure). Maybe that's worth it to some folks - I'm honestly curious, so please comment if you've got a strong opinion either way.
The longevity angle is appealing to me (in fact, thinking about what would happen if a stem broke while I built this one made me decide to get rid of my 5 year old Ritchey stem ASAP), and I'll definitely do some more to try out, but for "conventional" stems (ie, 60-130mm long, standard clamp sizes, rise from zero to 20 degrees or so) there are a lot of mass-manufactured stems that would seem to win the bang-for-buck competition. Then again, not everything is about being cheap. If I can make you a stem that's solid and safe to ride for 30 years, maybe in the long run it's worth the extra grams and dollars.
Expect to see some more stem experiments (next up is an oversized and removeable clamp version) and if things go well, I'll probably start offering them as an option in a few months.