The chemical responsible for the production of rust is iron oxide, commonly formed when iron or its alloys, such as steel, oxidize in the presence of oxygen and moisture. The rusting process occurs through a series of electrochemical reactions where iron reacts with water and oxygen, leading to the formation of rust. This reddish-brown substance weakens the iron and can lead to structural damage over time if not properly managed. Preventative measures, such as using protective coatings or rust inhibitors, are important to mitigate rust formation and protect metal surfaces.