One of the iconic professions of pre-industrial time is the blacksmith. The origin of the term itself is unclear, thought there are a few plausible explanations ("black-" could relate to the type of metal worked or the carbon buildup during the process of working the metal, and "-smith" meaning either skilled worker or deriving from the Proto-German word meaning to hit). What is not under debate is the importance of these skilled craftsmen in the history of the world. While a traditional view of the blacksmith is limited to a large man with a larger right arm, these craftsmen were technological innovators and the repository of vast quantities of knowledge.
The role of the blacksmith in the community was largely dependent on the community he served. In larger cities, blacksmiths (like many professions) could specialize in one aspect of their craft. However, in small towns, the blacksmith made nails, fix wheels, repair plows, forge chains, make hinges, basically perform any metalworking task within their abilities, as well as a few outside of that realm. Outside of working in metal he could be called upon as a Toolmaker, Engineer, Farrier (to shoe horses or sell them), Dentist, Undertaker, or any other role that required intellect or business sense.
The one skill at the time that was beyond the ability of your standard village blacksmith was bladesmithing (aka sword making), though production of other weapons were well within their purview. Repairing such blades, dependent on the damage may have been possible, but the process of creating a fine weapon of such proportion (requiring many welds while maintaining flexibility) was beyond them. Axes, knives, spears, maces and so on were all much simpler weapons and well within most blacksmith's skill set (look up "case hardening" for more info).
Iron is the material that was worked by the blacksmith. Early smiths would "wring" iron from ore by repeatedly hammering the rock at high temperature (utilizing water power starting in the 13thC). In the High Middle Ages,this iron was produced by smelting ore in a blast furnace and pouring the molten material into multiple sand channels diverted from a main gutter (thought to look like piglets eating, hence the name "pig iron"). This iron could be remelted and poured into forms to create "cast iron" goods. Metal of this type is brittle. Cast iron can be remelted under high heat (to remove impurities), removed in large lumps, hammered and rolled to create stock bar size (called "wrought iron"), which was the blacksmith's standard material for ironwork.
The history of steel is a huge other article that I may get to sometime. It was produced as far back as 3000BC, just not in Europe. Damascus steel has a long history, especially related to holding an edge. The Japanese produced (well, they still do) blades that would have been the envy of every European swordsman. Steel is essentially iron with a certain amount of carbon added (from the charcoal). The ratio of these ingredients controls the balance between brittleness (the ability to hold an edge) and flexibility in the material. Quenching (cooling using water or oil) also has a significant role in the process. Let's just say it took loads of trial and error. Methods of producing steel were closely guarded secrets at the time. Just like bakers, many smiths had their own recipes and choosing the right ingredients (piece of iron) was a highly developed skill. Think of a sculptor choosing the right piece of wood, marble, or what have you.
The skills of the blacksmith were handed down from master to apprentice. This remained true through the development of guilds in 1299. Apprentices were part student and part servant. Like modern apprenticeships, they began with cleaning the shop and basic menial tasks (pumping the bellows, etc) and slowly moved on to more and more advanced techniques, all under the watchful eye of the master. Once the master was satisfied (though under guilds, apprentices signed contracts describing the conditions of their apprenticeship) the student could become a journeyman and find work at any forge willing to hire. Depending on the guild, there were different requirements for ascending to the rank of Master.
Because of the blacksmiths' uncommon knowledge, they were sometimes viewed as magicians. Their mastery over metal was often viewed with a certain awe. However, in some places, blacksmithing was banned as a "black art" and its practicioners burned as witches. Some of this may have been a product of using bones or hooves as part of their secret recipes. Smiths also worked away from the sunlight, to better see the color of the glowing metal (which changes according to temperature). Because of their knowledge of a variety of subjects, blacksmiths were called upon as problem solvers and at times refined designs for tools based upon local conditions. John Deere was the blacksmith who revolutionized the plow for the American Midwest.
In a fantasy setting, the blacksmith can preform any role you need regarding heat and metal. The one thing you shouldn't do is make him a large simple oaf with a hammer. This was a man who knew how the guts of a thing worked. This was a man who could probably construct his entire shop out of nothing more than the raw materials (hopefully he'd have his own hammer to start, but you never know). Blacksmiths were proud men, who worked from the simplest (making nails) to the most complex (thinking maybe: locks and keys) and often did both with equal attention to detail. They were also called upon to create ornate pieces of metalwork for a variety of end uses. These craftsmen had their fingers in all the world's pies and still remained simple everyday working men.
http://en.wikipedia.org/wiki/Blacksmith
http://www.engr.psu.edu/mtah/articles/techniques_blacksmith.htm
http://www.mcatmaster.com/guilds/Blacksmiths.htm
http://www.simongrant-jones.com/history_of_the_blacksmith.html
http://www.articlesfactory.com/articles/business/medieval-blacksmith-information.html
http://www.thearma.org/essays.htm
http://www.tf.uni-kiel.de/matwis/amat/def_en/kap_5/advanced/t5_1_4.html
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