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@ferrous could it be a switch for an external awning? do you have another pic?

@ferrous or an opener of a valve in some chimney or rain water drain.

@ferrous Its an old exterior switch-box, or fuse-box, with electrical fuses that were once inside, and that ring is likely so that the switch handle could be locked with a padlock, or at least a fastener to keep in it place. It might have been the main switch for electricity that entered that structure.