Magnitogorsk was the most important steel production center in USSR during the WW2 and one of the biggest in the world. Monument shows worker presenting the freshly made sword to the warrior.

Which is the same sword being also depicted on two other famous monuments: The Motherland Calls in Stalingrad, where she rises it into the air in the defence of the country (though the sword looks different because of different architect), and the War Memorial in Berlin, where the victorious warrior lowers the sword to the ground.