Rust is another name for iron oxide, which occurs when iron or an alloy that contains iron, like steel, is exposed to oxygen and moisture for a long period of time. Over time, the oxygen combines with the metal at an atomic level, forming a new compound called an oxide and weakening the bonds of the metal itself. Although some people refer to rust generally as "oxidation", that term is much more general; although rust forms when iron undergoes oxidation, not all oxidation forms rust. Only iron or alloys that contain iron can rust, but other metals can corrode in similar ways.
The main catalyst for the rusting process is water. Iron or steel structures might appear to be solid, but water molecules can penetrate the microscopic pits and cracks in any exposed metal. The hydrogen atoms present in water molecules can combine with other elements to form acids, which will eventually cause more metal to be exposed. If chloride ions are present, as is the case with saltwater, the corrosion is likely to occur more quickly. Meanwhile, the oxygen atoms combine with metallic atoms to form the destructive oxide compound. As the atoms combine, they weaken the metal, making the structure brittle and crumbly.