The planned steel sculpture would be erected at the former Ravenscraig Steelworks site in Motherwell, North Lanarkshire.
The decision to raise the memorial comes 20 years after the site's closure.
Efforts to raise £200,000 are being organised by the Scottish Steelworkers Memorial Fund and co-ordinated by Supercounty, Lanarkshire's civic pride campaign.
It is thought the five-six metre high structure will feature a steel worker emerging from billowing smoke while holding aloft a flowing ribbon of molten steel.
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At the highest point of the flow of steel, a sprinting athlete will be seen powering towards the future - symbolising Lanarkshire's regeneration and a new start.
Discussions are being held with sculptor Andy Scott, who has worked in galvanised steel before.
He was behind the Rise sculpture at Glasgow Harbour, the Heavy Horse on the M8, the 10m high four-armed female figure on the M80, and the Ibrox Disaster memorial.
Bulk steel is no longer produced in Scotland but plants still operate at Dalzell Works in Motherwell and Clydesdale works in Mossend, both North Lanarkshire, and Clydebridge Works in Cambuslang, South Lanarkshire.
Members of the Scottish Steelworkers Memorial Fund include former steel union leaders Mr Tommy Brennan and Mr Pat Donnelly, former Lord Lieutenant Mr Gilbert Cox and Mr Ian Livingstone and Mr John Scott from Supercounty.
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