That frame is iron, not steel, and welding it is nearly impossible. I have seen them brazed, but they don't look good and of course are not safe to fire. That weak hinge was a real mistake on the part of William Elliot, Remington's designer.
I suggest the possibility of using a super glue to hold the gun together for display purposes. They are not only about worthless as a gun, but ammo is long out of regular production.
Jim