As the name says, the recycling recipes of the alloy furnace don't seems to be working in the new release, here is a picture of all the recipes, using the NEI plugin:

(By the way, this is NOT a NEI plugin bug, i already test this bug by myself placing a iron chestplate in the alloy furnace and nothing happens).

This is one of the many things broken in the update due to things in the mod starting up in weird orders