The top picture is of the old worn out safe handle shaft (arbor). The handle shaft (arbor) is what attaches to the safe handle and allows the locking bolts of the safe to be retracted.
Since no replacements parts were available for the particular safe (company no longer in business), we machined a new shaft (arbor) (below) to replace the old worn out one.
This (bottom) photo shows the replacement safe handle shaft (arbor).