The earliest European settlement in the Bessemer City area dates to 1754, when King George II of Great Britain granted about to James Ormand (1716–1771), who established the Ormand Mining Company to extract iron ore. By 1786, a furnace had been built on the land, called the Washington Furnace after the family of Colonel John C. Washington. The Old Ormand Furnace was used to process most of the iron ore that was mined in the area and today is one of the oldest remaining furnaces in the country. Despite a local tale that cannonballs were made during the Revolutionary War, there is no proof the furnace was built that early. The furnace was sold and later bought back by the family of Zenas Stanhope Ormand (b. July 12, 1802 - d. July 28, 1878). The furnace made iron implements and other products for local and statewide use and was in operation until the mid-19th century (when the Bessemer process made small furnace operations uneconomical). The "Old Furnace" is still owned by the Ormand Family Foundation, and the site is used as a gathering place for the Ormand, Ormond Family Reunion, one of the oldest family reunions in America, held annually since 1897.