Often when the steel band is missing a wide rubber band is substituted. Being soft and pliable, it's actually easier to get one or two of them in place in total darkness than stretching that steel band, which can be difficult if it's become bent over the years. I sometimes substitute a pair of rubber bands for just this reason, even though I do have a nice steel band for mine.
This price is a steal. A little phosphoric acid cleaner
("Naval Jelly") and this guy will look brand new. Phosphoric is a good acid wash for stainless steel.
Ken