In the Middle Ages, Barrow was a small hamlet within the parish of Dalton-in-Furness with Furness Abbey, now on the outskirts of the modern-day town, controlling the local economy before its dissolution in 1537. The iron prospector Henry Schneider arrived in Furness in 1839 and, with other investors, opened the Furness Railway in 1846 to transport iron ore and slate from local mines to the coast. Further hematite deposits were discovered, of sufficient size to develop factories for smelting and exporting steel. For a period of the late 19th century, the Barrow Hematite Steel Company-owned steelworks was the world's largest.