Specialist making iron tools and horseshoes principally (5)
I believe the answer is:
smith
'specialist' is the definition.
The definition and answer can be both people as well as being singular nouns.
Perhaps there's an association between them I don't understand?
'iron tools and horseshoes principally' is the wordplay.
'iron tools' becomes 'smit' (I can't justify this - if you can you should give a lot more credence to this answer).
'and' is a charade indicator (letters next to each other).
'principally' says to take the initial letters.
The first letter of 'horseshoes' is 'h'.
'smit'+'h'='SMITH'
'making' is the link.
Can you help me to learn more?
(Other definitions for smith that I've seen before include "Metal-worker" , "Person who makes things in metal, may be black" , "Shoemaker" , "Adam, economist" , "Commonest name" .)