The sign outside a metallurgical company in Northern Italy, near Lake Maggiore.
Founded just over a century ago, in 1920, it is still in operation, even though they now use a far less interesting serif, paired with Copperplate Gothic, for their logo.
The typeface looked familiar and, after a bit of search, I thought it was a painted sign inspired by Kalligraphia, but it turned out that Caslon’s Caligraph (1899; AKA Berthier & Durey’s Danoises, before 1905) matched the differences.