IPA: /ˈstiːlˌwɜːrks/
KK: /ˈstilˌwɜrks/
A facility where steel is produced and formed into various shapes and products.
The new steelworks in the city will create many jobs for local residents.
Steelworks → The word is formed from "steel" (from Old English *stæle*, meaning a hard, strong metal) and "works" (from Old English *wyrcan*, meaning to make or do). Together, these parts describe a place where steel is made or processed.
Think of a place where strong metal ('steel') is 'made' or 'done' ('works') — that's what steelworks refers to.