This is the first of 3 statues that are thematically connected and are about USSRs part in world war 2.
This is Home Front to Front metaphorically smithing the sword, since that area had a lot of industrial complexes that produced arms. The next one is The Motherland Calls about the will and need to fight, with the sword raised high. And the last one, the Soviet War Memorial, is in Berlin, its about lowering the sword at the end of the war.