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The exchange rate is meh, but the kicker is the low and unreliable supply. It's also not worth the trouble building a refinery outside the city perimeter, since it needs to be manned and refineries count as outpost buildings, so you're going to get super-raids and other outpost-related trouble.
Pretty much this, getting and selling copper ore is probably the best way to make money
While I doubt it still works you might be able to replicate or update it.
The "City Slickers" mod on Nexus has indoor benches for refining iron plates and steel bars, last updated 23 April this year. I have the mod installed and active, but haven't actually built either of those benches yet, so I can't say 100% whether it currently works or not.
https://www.nexusmods.com/kenshi/mods/98
Update: After making this post, I played a bit and made a point of building the indoor iron and steel crafting benches. I can now confirm that they do work properly.
It still works fine,great mod in my opinion.
It's called Minindoors or something similar.