Alright,
6500 x Iron ore = 526k
50 x Forging Rings = 50k
Cost of supplies = 575k
-------------------------
130 back per iron bar.
81 cost per iron bar.
50 profit per bar, -5 for ring.
45gp x 6500 = 292k
Therefore 300k profit or so for 65-70 smithing?
Hmm...