It is a so-called LC filter (inductor capacitor). The inductor helps smooth the DC since it resists change in current. It doesn't matter that MIG welding uses a CV source for the inductor to be there (an inductor by itself will not make a CC source). You can look at it the following way, if the voltage is high, more current flows in the load and the inductor and builds a large field, when the output voltage drops because it is having trouble supplying the needed current, the current drops, the inductor's field collapses thus supplying more current to let the voltage rise. In other words, it helps regulate the voltage. billh