There are many factors, techniques, types of equipment, supplies etc in smelting. It can get as involved as knife making. I have been developing an electro arc smelting process over the last few months. It is faster, cheaper and much more consistant then using charcoal, propane, thermite etc. As of right now I can get the C very close to my target. That has always been the wild card, controlling the carbon content. You either end up with too much or too little.
The last thermite smelt yielded a button that was in the 1% C range but that was tested just by spark testing which is only a ball park fiqure. The charge was done to test a new ultra high temp refractory I have been tweaking and playing with.
Be prepared to waste alot of supplies, equipment and time when you get into the whacky world of home smelting. But in the process you will learn alot about iron, steel and alloying. I don't regret any of the failures I have had or the wasted resources. Since last fall carbon steel alloys have become much less mysterious to me.
Give it a shot and don't be afraid to experiement a little. The "Bloomers and Buttons" thread over on Fogg's forum has some good info. There is some proprietary info that some smelters won't divulge so don't be putoff off by that. I would rather fiqure it out myself because odds are I can probably find a shortcut or improvement instead of just copying someone else's work.