I would bet that the part is cast steel as I dont think cast iron would hold up to well in that application. It looks like replacement will cost some big bucks as it appears that the entire hub will need to be replaced. I would V bevel it top and bottom, weld a pass from each side using 3/32" E 7018 electrodes. Pre-heat it to 250F and then weld a pass from each side with continuous welding, dont stop and let it cool and the start again as this will just induce more hardness and stress into the weld each time you cool it off. You could peen it a pit when removing the slag with the pointed end of the chipping hammer or use a needle scaler. The welding I dont think will be a problem, but getting full pen or partial pen weld without messing up the taper bore is going to be impossible so plan to have the hole re-bored. Check with a machine shop to see if they can do it. If so, it might be easier to just weld the hole up solid and then taper bore it for a perfect fit. It will be impossible to keep it perfectly square so the taper bolt fits back in without stressing the connection. By welding up the hole along with the broken area, you will have a stronger connection. I am afraid that means disassembling the whole front axle housing but you would have to do that anyway for replacement. After I got it all welded up, I would let it set for a day to make sure you dont have and delayed stress cracking. If it doesnt crack then it will be good to go to the shop for machining.
Just curious, how did you manage to break that tie rod connection?