The forerunner of Oil City Iron Works, Inc. was established in 1866 on its present site as a small machine shop and foundry. Its initial purpose was to make parts for the owner's cotton gin. In 1886, the operation was sold to three local businessmen and was renamed "The Corsicana Manufacturing Company." In 1898, the plant was leased to an individual who renamed it "The Oil City Iron Works" because the area was in the midst of an oil boom. In 1908 it was purchased by the tenant and subsequently incorporated in 1921. Oil City Iron Works, Inc. came under its current ownership in 1965.

The early products of the company consisted primarily of parts for cotton gins, brick presses and castings for the building industry. During World War II, most production was oriented towards defense efforts. With the decline in importance of cotton following the war, Oil City Iron Works reoriented its operation toward providing castings for oilfield equipment. In 1960, it was a pioneer in this area in introducing ductile and developing certain applications.

Since 1985, Oil City Iron Works has expanded significantly and has diversified its products into lines such as valves, pumps, power generation, gas turbine and compression parts, mining equipment, as well as general oilfield equipment. Oil City Iron Works, Inc. is 100% jobbing with over 7,000 active patterns.