redrabbitz said..Smear a little bit of lanolin surrounding the area, either in a grease form or from a spray can with straw like nozzle. It's water proof, highly effective & possibly do it yearly or twice a year.
Preventative maintenance. Worx a treat! Ex farmer, there's methods in our madness.
Try this:
Inox MX4 Lanox it's Lanolin Anti- Corrosion lubricant.

Only nipple creams for breastfeeding are recommended by google and amozon when i search lonolin, lol, apparently they have the same ingredient, made from sheep wool, interesting.
I use bosch hand screwdriver with bits, it gets rusty just sitting in the car, and bits get stuck, i leave it in a glass of vinegar for a day and clean it with an old tooth brush later, didn't have any big problems after one year of usage.