Each line conjures up more than just the image it literally describes.

eg "I'm gonna make me a big sharp axe - shining steel tempered in the fire"

Why an axe? literally it makes no sense ... shining steel? tempered in the fire? why all that information?

Well because it conjures up images of foundries, molten metal and hard industrial work - as was typical of the region.

The song is deeply descriptive and each word carries a descriptive subtext that goes deeper than even just physical description.

This is lyrical impressionism that describes the writers subjective experience of the town from an emotional point of view and has as its lens a love affair.

It is meant less to be about salford specifically than about human experience in an industrial town, hence iits abilty to mean something profound and beautiful to folks in such diverse places as sydney and dublin.

If you're looking for literal descriptions, buy a car manual.