The council has launched an appeal to raise Â£150,000 for a bronze sculpture in the Barkers Pool area.
Former steelworker Kathleen Roberts said: "It breaks my heart that we haven't been recognised and everyone else has been."
The planned sculpture has been designed by artist Martin Jennings.
Mrs Roberts said: "Times were tough in 1941, as a country we had our backs against the wall. We worked flat out for the war effort and we were just young girls.
"I think the Sheffield industry could give more because they give so freely to others."
Sheffield City Council put up a commemorative plaque to the women in 2011, while plans for the sculpture were already under way.
Leader of Sheffield City Council, Julie Dore, said: "We all owe it to these amazing women to make the statue a reality."
A woman who "gave up her youth" to work in Sheffield's steel factories during World War II has said the city's "women of steel" need proper recognition.