I love Renwax,is great stuff for alot of applications and am sure it protects metal to a point.
Here is a little experiment I did,took an old High carbon steel blade,cleaned it with Acetone,left side of tape applied 3 coats of renwax,rgt side a lgt coat of mineral oil,left it outside on the fence for two mos.
Blade was rust and spot free prior to living outside,totally unscientific for sure.
Draw your own conclusions.(black pits on the lower edge were not removed pre treatment)
http://i22.photobucket.com/albums/b3...lecone/ren.jpg