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Owners of rich red haematite mines in Furness
The success of the enterprise was great
c.1864 It was decided to take up the manufacture of Bessemer steel, for which purpose a separate company was organised - the Barrow Haematite Steel Company, of which Mr. Smith was the manager, and also a shareholder in the very limited list of adventurers, as Bessemer steel had scarcely then established its reputation on an assured foundation.
1865 Barrow Hematite Steel Co erected premises alongside Schneider and Hannay's iron works which it then purchased. Ten blast furnaces gave an output of 5,000-5,500 tons a week - recognised as largest ironworks in world.
On the 1st January 1866, the Steel Company was enlarged, its capital was greatly increased, and it absorbed the mines and blast furnaces of Schneider, Hannay & Co.; the Duke of Devonshire was the chairman, and he, with the late Duke of Buccleuch, Mr. Schneider, and Mr. Hannay, were the principal shareholders. Almost at once the Company acquired a leading position in the steel trade.
1866 January 1st: Schneider, Hannay and Co ceased to exist as a separate entity.
1870s This company was thought to have the largest turn-over of any manufacturing concern in Great Britain.