Steel
Steel is an alloy of iron and carbon. Most swords and armour in period were not made of steel, but iron, owing to the difficulty of forging steel.
In period, Japanese swords are notable for the quality of their steel, as were Damascus and Toledo blades.
Weapons and armour used in the SCA tend to be made of much higher quality steel than medieval equivalents, since modern manufacturing produces very good steel indeed.
Both steel and iron will oxidize, causing rust, which weakens the metal. For this reason, period armour was often painted or left covered in forgeblack, rather than being polished. If armour was polished, it needed frequent scouring and oiling to maintain it.
Modern stainless steel will rust is left in a pool or water or sweat. Modern galvanized steel turns dark grey or black, but doesn't lose any strength.