In 1894 William S. Patterson took his plans for a rolling mill to the Guelph Board of Trade. The following year, several of Guelph’s astute business entrepreneurs got together to form a new company. This was Guelph Norway Iron and Steel.
The stated intent was: "To manufacture iron and steel from ores and from scrap iron and scrap steel and to manufacture iron and steel into any products of iron and steel and to deal in and sell the same and to acquire land and erect buildings for the purposes thereof and to make all necessary and proper contracts with persons or corporations in connection therewith."
The company set up shop in 1895 but lasted only until the end of 1897, the result of poor economic times and other related factors.