damn you lucky bugger. Looks like a thorely. Quick, before it rusts anymore, get it blasted and cermic coated. Theres a place in chilliwack that does it but I wouldn't trust them. Try rediblast/redicoat/redistrip in Delta, good job and affordable and they'll blast it properly for you too.
http://www.redi-strip.com/
http://www.redi-strip.com/