The Sega Handle Controller is the Master System's attempt at steering wheel style controller which is supposed to be used in racing games or cockpit view games. The handle controller requires no special sofware to function and will work with any game.
Images show the UK version.
A company called Hori also released a version of this controller in Japan which could be used with the Famicom. There was also a seperate cable available which would allow the controller to be used in MARK III/SMS/MD systems. (pictures would be appreciated if anyone can submit them)
The box text provides only basic information about the controller in different languages. See pictures for more details.