Rust is a general name for a complex of oxides and hydroxides of iron, which occur when iron or some alloys that contain iron are exposed to oxygen and moisture for a long period of time. Over time, the oxygen combines with the metal, forming new compounds collectively called rust, in a process called rusting.  Rusting is an oxidation reaction specifically occurring with iron.  Other metals also corrode via similar oxidation, but such corrosion is not called rusting.
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. These iron compounds are brittle and crumbly and replace strong metallic iron, reducing the strength of the object.