What is this?

[BigV]

Good guesses all!

This is a steel strapping machine. Here are a couple more shots, the first from a different angle and the second of the finished product.

It works by taking a length of strap steel (like what a tape measure is made from, but flat) and running it around the bundle and through the machine. Then each movement of the handle ratchets the strap tighter and tighter. When it's tight enough, then a clip is placed onto a section of the straps where they overlap and the second machine with the opposing handles is placed over the clip and it's crimped into place. Then you slide the ratchet tightener out and your strapped bundle is complete. You may trim the excess strap past the crimp.