While smelting would generally refer to refining ore into metal, many other products can be made through a furnace.
They are:
Raw Porkchop -> Cooked Porkchop
Raw Beef -> Steak
Raw Chicken -> Cooked Chicken
Raw Fish -> Cooked Fish
Iron Ore -> Iron Ingot
Gold Ore -> Gold Ingot
Diamond Ore -> Diamond*
Lapis Lazuli Ore -> Lapis Lazuli*
Redstone Ore -> Redstone Dust*
Coal Ore -> Coal*
Sand -> Glass
Cobblestone -> Stone
Clay -> Clay Brick
Wood -> Charcoal
Cactus -> Cactus Green(dye)
*The Ores marked can only be obtained legitimately through mods, creative mode, or a pickaxe enchanted with Silk Touch. It is really not necessary to smelt these, as they can be broken by a non Silk Touch pickaxe and will drop the "refined" product. In the case of Redstone Dust and Lapis Lazuli, it is actually LESS efficient to smelt them, as breaking them will yield multiple products.
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Smelt Cobblestone in your furnace.
100
They take the same time.
There is no steel in minecraft. You're referring to iron, and you need to smelt iron ore in a furnace.
In Minecraft,in order to get iron ore out of a mined block of iron you need to smelt the iron ore block in a furnace.