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The Red River Furnace was built by The Red River Iron Manufacturing Company in Estill County, Kentucky in 1871. The ambitious venture was lead by Frank and Fred Fitch, who at the time resided in New York but were originally from Lexington, Kentucky. The Red River Furnace was the largest double stack furnace in Kentucky, and perhaps the nation at the time of its construction. It was built to create what was considered high quality iron that could be sold to other firms for further refinement. The venture was a source of employment for hundreds of Kentuckians, both black and white. So large was the undertaking that over time the town of Fitchburg emerged on the land around the operation.

By 1874 the venture had failed. Both Frank and Fred Fitch had pinned the success of their business on the wild railroad speculation that occurred in the middle of the 19th century. In 1873 railroad stock collapsed precipitating a widespread economic panic. The Panic of 1873 meant that demand for the iron being produced in Fitchburg was no longer in demand. Demand for Kentucky iron was also being increasingly met by areas outside of Kentucky. These two factors combined to cause the ultimate failure of the Red River Iron Works Manufacturing Company. Following that failure residents of Fitchburg began to move elsewhere in search of work and the buildings, including the Red River Furnace, fell into decay.

The Red River Furnace was identified years later by Dr. Thomas D. Clark as among the most important historical landmarks in the state of Kentucky. After years of neglect historic preservation efforts are underway to make sure the landmark is restored. Frank Fitch's notebooks on the construction of the furnace, covering the years 1876-1873, still survive and are housed at The University of Kentucky Special Collections and Digital Programs.