Smithing is really easy now. In fact you can powerlevel with it easily up to level 15 or more, I dunno.
The only constraint on it is the smithing endurance that limits how many things you can do, or if you don't have companions with the refining perks.
Crafting javelins is the easiest way. The harpoon head is best, but I did menavlion head javelins as I had that unlocked. You gain like 30 to 60 points in smithing from crafting the first one at 0 smithing, and it only takes low tier metals and wood to do it. When you smelt them, you also gain a lot of smithing xp though not as much as forging. It returns metal the tier under what is required to make them, so less refining is necessary.
These javelins also sell for over 100k denars because of their huge damage, as the heavier heads increase their damage due to heavier item weight. I think smithing xp is related to item value, thus you get massive xp for them.
I think the crafted weapon pricing and skill gain is set this way for early access as you can make really awesome weapons quickly and powerlevel all your characters. I put their companion's first skillpoints in smithing to raise the cap, after that it's free attribute points and skill points for what they actually are doing. It can also be completely ignored if you don't want to cheese easy denars and xp. It does make it harder to level in other ways as higher levels require more xp, and smithing gets you at least 15 or so by itself.
As for smelting loot, it's not profitable but it can get you some metal for refining into expensive crafted items. It also unlocks weapon pieces sometimes, I think less often than smithing an item of the same value.
I have one (or two if I want to specialize in piercing instead of slashing because might as well) person take the smithing perks and all the companions take the refining perks, with one having the refine iron ore perk instead of charcoal, as charcoal is more useful.
I also made a large cartoony mallet for capturing prisoners and anthropomorphic mice.
Calradian Polo