It can be fully rotated by pressing and holding r (as the default key) and moving the mouse while holding the left mouse button.
The Industrial Smoke Stack is part of the Industrial Super Bundle that was launched during update R44 in June 2017, and can only be crafted (default crafting key is Q) after buying the Super Bundle in the Store.
Industrial Smoke Stacks as crafted items are also included in the Industrial Pack and in block/item kits that correspond with Industrial Blueprints, but none of them will include the according crafting recipe.
To craft 8 Industrial Smoke Stacks, you will need (as of June 2017)
The Industrial Chimney fits onto the the Industrial Smoke Stack block.
The Industrial Smoke Stack is the first cylindrical building block in Creativerse (apart from the Death Statue that cannot be crafted).