Cap is actually 667 (x0.12=80.04, cap is 80% mitigation), as there is a 25 point bonus on top of stated value for each slot excluding shield. If you don't wear a helm, you will need to smith to an inventory value of 592 for your three items to hit the cap (592+3x25=667).
667 is the cap if you do not wear armour.
"Overall, anything beyond 567 displayed armor rating when wearing all four pieces of armor or 667 when not wearing any pieces of armor will still be capped at 80% of physical damage reduction, meaning you cannot gain 100% physical damage immunity."
-http://www.uesp.net/wiki/Skyrim:Armor