A metallurgical furnace is disclosed which carries out the several steps involved in the liquid phase sintering of preforms of powdered metals, ceramics, and/or combinations of these materials. The metallurgical furnace comprises a pressure vessel defining an interior pressure chamber and a main furnace which is contained within the pressure chamber and spaced inwardly from the walls of the pressure vessel. The main furnace comprises a bottom wall, side walls, top wall and end walls which together form a substantially closed furnace chamber. Each of these furnace walls comprises at least one layer of insulation and, in addition, the top, sides, and end walls further include a vapor barrier which minimizes convection within the furnace chamber. The metallurgical furnace according to the present invention is capable of performing the presinter, sinter and hot isostatic pressing of preforms within the furnace chamber.