Flailing at empty air with his baton, the staggering security guard recovered his balance and saw a wire-mesh trash can hurtling straight at him.
Literal
Police-baton [with-で] sky [object-を] strike-[and-て], staggered body [object-を] recomposed security-guard [topic-は], himself [toward-に向かって] charging wire-mesh-[attributive-の] trash-can [object-を] saw.
Action/fight scene narration. 殴りつける ('to strike, to beat forcibly') — 殴る + つける for intensity. 体勢を立て直す ('to regain one's balance, to recover stance') is a set phrase. ~に向かって ('toward, facing X') marks direction. ガードマン is wasei-eigo. 突進する ('to charge, to rush forcefully'). 金網づくり ('wire-mesh construction') — づくり/作り as a suffix means 'made of, constructed from.'