An Ore Smelter initially spawns at your base. You need at least the Build Gun v2 to remove it. Smelts Ores into Bars. Smelts at a rate of ~16 ore/min* 3.3PPS and can hold 128 EU. Can be modified by placing Forced Induction on top.

*Due to the time it takes to load ore into the smelter, the actual smelting time is slightly less than 16 ore/min.

If used below -30m you'll see this message when mousing over the smelter or induction; "smelter starved of oxygen!". The smelter will operate at a drastically slower rate when deep enough underground.

Note on requirements: Now requires Metal Alloys research too as of build 17.