Yes when burning
The Elven forge is an utility block added in Public Beta 23. They are the primary forging tool used by the various Elf factions of Middle-earth. Like other forges, Elven forges can be used to make alloys.
Elven forges naturally spawn in
Elven smithies which can be found in Lindon, Rivendell, Lothlórien, and the Woodland Realm.
Alloying iron and coal to make an ingot of
Elven Steel in an Elven forge will give the player the achievement " Elven Smith".
Elven forges can be crafted with eight High Elven, Wood-elven, Galadhrim or Dorwinion
bricks on the crafting table of each respective faction.
Elven forges can be used to make
Elven steel through alloying iron ore (or ingots) with coal. These ingots can be used to make High Elven, Wood-elven, Galadhrim, or Dorwinion equipment and armour.
Elven forges can also make
bronze ingots like any other forge. An excellent guide to smelting ores and making alloys can be found here.