Unfinished steel bolts are steel bolts before feathers are added. These bolts are made by using a steel bar with an anvil with level 33 Smithing. Each bar makes 10 unfinished bolts, gives 3.75 Smithing experience per unfinished bolt made or 37.5 experience for 1 steel bar smithed. 46 Fletching is required to attach feathers to make them into steel bolts. Steel bolts are fletched 10 at a time and give 3.5 Fletching experience per bolt, or 35 experience per set of 10 bolts made.
At current Grand Exchange prices, making 10 unfinished bolts out of a steel bar will earn the player -353 coins (-9.41 per XP), without bonus experience.