The 14-foot-high monument has been designed by Dudley borough artist Steve Field.
It will take the form of a ladle suspended in the air pouring molten metal and will go up on green space at the junction of Dudley Road and John Street in the town.
The steelworks, built on more than 100 acres of land, was a major employer in the town for nearly 130 years between 1857 and 1982.
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Building work will start soon and council chiefs hope to officially unveil it at an event later this year to mark the 40th anniversary of the steelworks closing.
The structure will be made from the same material used in the iconic Angel of the North statue in the north-east.
An application to build the monument was approved by Dudley Council last month.
Balvinder Heran, deputy chief executive, said: "The Round Oak Steelworks are an important part of Brierley Hill’s history, having employed so many in the town over such a long period of time.
"This impressive monument will be eye-catching and ensure the role the business played in people's lives is never forgotten, and I welcome the decision to grant planning permission."
