In 1856, this iron furnace was constructed by H. Allyson for Prof. William W. Mather and Maj. Gen. O.M. Mitchell. Those 2 visionary men ordered the construction despite being told that it was a horrible idea. Although they were well educated, they had little experience in iron manufacturing.

The Oak Ridge Furnace Comapany was officially formed in July, 1857. Stetson and Bishop later joined on as part owners. After failing to make a profit, the decision was made to sell this iron furnace to John Campbell and N. Ricker. The Hecla Furnace Company eventually purchased it. The machinery was sold to the Star Furnace Company after the operation ceased.

Very few blasts were actually made during the short time this iron furnace was in operation. It became locally known as the Ill Fated Furnace.