This is a rather recent name here as until 1934 it was considered to be part of nearby Rive dai Stimatins.
The steps lead from the old public fountain to Piazza del Ferro, where materials and iron tools used to be stored in the times of the Niederlech (the obligatory regime of change of baggage wagons and night stops that all goods in transit had to undergo during the Middle Ages). The square was expanded in the early 20th century, with the demolishment of some buildings that separated it from Piazza Postez (facing the castle hill). Another change was made during the Second World War, when the air-raid shelter was built below the castle hill. Next to the steps rises the Elti-Zignoni-Rubini building that was destroyed by the earthquake and rebuilt as a cinema–theatre according to plans by the architect Giovanni Pietro Nimis.
After the earthquake the square was expanded again and, there is now a convenient underground car park.
All the buildings looking onto the steps were demolished and entirely rebuilt.