CREATING PITTED METAL
First, choose black and one other base metal color (grey blue works great). You will use these for the Clouds filter.
Apply Clouds using the 2 colors you chose (Filter Menu/Render/Clouds)

Next, choose the Channels palette (under Windows/Channel if it is not already open) and create a New Channel (the little dog-earred paper icon, bottom of palette OR New Channel from the little triangle menu upper right of Channels palette).

Then choose Filter Menu/Noise/Add Noise until you get this more or less.

Now, (still in the Channels palette), open the Image Menu/Adjustments/Levels and set the levels so the triangles meet in the middle like this. It sometimes works better if your triangles meet on the right side instead of the middle.

Your graph may look totally different by the way, due to the nature of random noise.

You can also use Curves for this (Image/Adjustments/Curves).

Regardless of what method you use, this helps reduce a lot of the gray and helps isolate important dots.

Next, scale the noise up a bit so that the dots are larger (Edit Menu/Transform). This has the added effect of ever so slightly blurring the dots so they look more natural.

Turn the dots into a selection by choosing the little icon at the bottom of the Channel palette that looks like a dotted circle, or by COMMAND-CLICKING (Mac) or CONTROL-CLICKING (PC) on the Channel Layer.

Back in the Layers Palette, choose your layer, and with the selection you have of the dots, copy from the base metal, then paste it (it will create a new layer). Bevel this new layer of dots (Layer Menu/Layer Style/Bevel and Emboss). I think it works best if you choose Down for the direction, because it looks like pits instead of bumps.

NOTE: Your bevels will look much better if you don't use white for the highlight. Choose a lighter version of the main color in your image (here I chose a light gray-blue since most off the image is a medium gray-blue). If you want a warmer feel, choose a light tan instead.

Next, choose a color that would work for a basic rust.
Choose the paint brush, pick a large size brush (I used 200 pixels), and set the Mode for the brush to Color. Decrease the brush's opacity (I used 20%) and dab on some rust color. You could stop here and you'd be done, but let's go one more step...
Using the lasso tool, create irregular shapes, use the shapes to copy from the base metal, and paste (will create a new layer). Now, bevel these with the smallest of bevels (again, make sure you don't use white for highlights-I chose a light tan here). Then create diagonal scratches and copy, paste, bevel those also. Overlapping helps with the illusion.
Sample 1
Sample 2
Sample 3

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