The photo is Elberta Iron Tower by Voxphoto. The history page on the Village of Elberta web site says:

In 1867, the Frankfort Iron Works was established and a large blast furnace was constructed. During its existence, Frankfort Iron Works gave the Village of Elberta the notoriety of having the largest and most extensive manufacturing works in Benzie County. The original building contained a blast furnace where the iron was smelted; a boiler arid engine, stone and ore crusher and platform. The casting house, constructed of brick, is where die first iron was produced July 1, 1870…

The Frankfort Iron Works ceased operations in 1883. The Frankfort Iron Works property passed to the Toledo, Ann Arbor and Northern Michigan Railway, later renamed Ann Arbor Railroad Company in 1892. The furnace buildings were converted to a roundhouse arid machine shop located west of the subject site, parts of which are still standing. The grounds were used for the tracks and switches, and a depot. On the bluff, near the houses used by the officials, a large wooden water tower was constructed and used for filling the boilers of the steam engines.