Buckeye Furnace was the second charcoal-fueled iron furnace to be built along Raccoon Creek. The furnace, constructed in 1851 by Thomas Price, was financed by Newkirk, Daniels and Company under the name of Buckeye Furnace Company. In its early years, Buckeye Furnace produced an average of 7.3 tons of iron daily during a 42-week blast period. Later construction increased the height of the stone stack and raised the output of the furnace to 12 tons per day.
In 1862, the company was sold to H. S. Bundy who operated it for two years before selling it to Terry, Auston and Company. In 1867, a new Buckeye Furnace Company bought the operation and ran the furnace until 1894, when operations ceased.