It commemorates the workers who died in accidents at National Shell Filling Factory, Chilwell during the First World War, particularly the large explosion on 1 July 1918.
The large free-standing pyramidal monument, enclosed by chains carried on shell casings, was unveiled in 1919 and became a Grade II listed building in 1987.
The factory was under the oversight and management of Viscount Chetwynd, who introduced special features to improve efficiency and safety: by 1916 it was filling 130,000 shells with 900 tons of amatol each week.
The memorial stands on the north side of Chetwynd Road, near where the factory's Mixing House stood, at or near the seat of the explosion.
The structure comprises a large concrete truncated square pyramid, standing on three steps and topped by a short obelisk.
Around the top step are mounted shell casings joined by chains, all painted white, with an opening to the road at the front.
A further bronze plaque records the unveiling of the restored monument by the Parliamentary Under-Secretary of State for Defence James Boyden MP, with the inscription: "UNVEILED ON 30TH OF JUNE 1968 BY MR JAMES BOYDEN MP / PARLIAMENTARY UNDERSECRETARY OF STATE FOR THE ARMY / ON THE OCCASION OF THE 50TH ANNIVERSARY OF THE EXPLOSION AT CHILWELL / "THE V.C.