I have no clue really.
But one time I did make handrail scrapers for standard industrial handrail. These get all crunchy and awful with multi layers of paint so you need to smooth them out, at least a little, before repainting.
I --did not-- use 3/4" plate steel though!
I used pieces of old handsaw blade, of course.
Your piece was marked 1 1/4 and 1 1/2, and that is what made me think of handrails. Its the size they are.
yours Scott