Formed in 1836 as successor to the Monkland Iron Co.; "one of the oldest and most respectable firms in the iron trade". Often referred to as The Buttery Co., the Monkland Iron & Steel Co. were proprietors of the Calderbank Iron Works, and had a wide range of coal and ironstone interests in Lanarkshire and the west of Scotland. The partners were
- William Murray,
- James Murray
- Alexander Warren Buttery.
The company ceased operation in 1861, with debts of nearly a quarter of a million pounds. At a meeting of creditors, held on 18th September 1861, the value of the company's lease of the lands of Barbauchlaw was stated as £60,000. The business of the company was continued under a board of trustees until liquidated following the formation of the Monkland Iron and Coal Co. in 1872
