It is easily machined and welded with any of the common processes (stick, MIG, TIG and Oxy-acetylene).
Most of the super low to low carbon steels will function in the same applications, provided they are heat treated to maximize the integrity of the structure. Generally this would mean the steel needs to be "normalized" by heating to critical and then cooling naturally in still air.
Editing to add: ASTM is the American Section of the international association for Testing and Materials.