The "Circle Of Steel" is a roulette wheel, as Gwn says, but the song isn't about gambling per se but about poverty and despair and the human frailties that challenge us. The roulette wheel is thus a metaphor, and gambling (referenced here as one of the desparate ways people might try to provide for their families) is just one of the many vices that can trip one up. Other vices such as drinking and criminal activitity (theft? drug sales?) are also mentioned.
That's really an amazing song, sometimes considered a "Christmas song", as the setting is indeed Christmas, but the song is much deeper than that. "Deck The Halls" is referenced in the song by name and the notes are used throughout - but the effect, brilliantly done, is chilling and not the usual seasonal celebration.
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Valerie Magee
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gordonlightfoot.com