Now, granted, its the Angels recipy, but for whatever reason it turns 50 iron (and 500 oxygen, detail) into 50 steel.
So a 1 to 1. (and oxygen)
Angels has two recepies. one that smelts 8 iron plates to 1 steel plate, and one that smelts 24 ingots to 6 ingots (4 to 1)
For whatever reason, the plates to plates becames an equal exchange equation, somehow.