Steel & Iron!!! By Samantha637. Period: Jan 1, 1848 to Jan 1, 1877 First Attempt at Smelting Iron and Steel In 1848 iron and steel was attempted to be smelted. Due to not being economical the plant closed by 1877. Jan 1, 1873 Another Smelting Attempt In Victoria, during 1873 the Victoria Iron Company.In 1874 the copany was renamed as Lal Lal Iron Mining Co. Ltd. Period: Jan 1, 1875 to Jan 1, 1889 Blast Furnace The balst furnace was operated from 1875 right through to the 1800s; even though it was not economic. After 5 years the product was satisfactory and created the iron locomotive wheel.