"Ouch" is right! I'm no metallurgy expert, and it could be the photo, but it looks to me like there's some rust and some of the edge looks rounded. If there are small fractures extending from the points of failure, it'll be hard to fix it so that it's as safe as it was originally. Replacement might be the best option. If it can be fixed, I would repair as much as possible and then weld a plate over the entire repair area for reinforcement.
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