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Magnesium as compared to aluminum? I don't think any ''engine cradles' were steel. I have a base c5 with a non-steel cradle/subframe. I always have assumed it i aluminum. I know the frames are steel, except for a C6 z06, which has an aluminum frame. If the part numbers are different, than they are different somehow.
the Z06 and ZR1 magnesium cradles are quite a bit lighter, I swapped mine out to the lighter unit and it's totally bolt-in. The cradle will also fit in a c5 but the power steering mounting is slightly different so I think you need a C6 rack.
The Magnesium cradles uses larger concentrics for setting caster/camber and has shims in contact spot to prevent galvanic corrosion.
photos below, I don't remember the exact weight savings but the literature says 35%. This was a small part of my journey down to 2500lb C6