Create a new document. I've used 800x600 px.
Fill the background with black using the paint bucket tool (G)
Now search for an steel/metal background or use one from below:
Drag it in and fill your document with the steel'ish background.
I've used background3 and set the opacity to 30% for a darker look.
Now select your Type Tool (T) and write the text were you want to apply the rust effect on.
I've used simple Arial for this tutorial, but you can choose whatever font you want.
Once done you'll have to find a steel/metal texture to make your letters in.
Or choose one from below:
Place it on top of your text layer.
Make sure you have your move tool (V) selected. Now [Cmd+click] on your text layer to create an selection of your text
When you've created the selection of your text, select your steel or metal texture layer and Duplicate the layer [Cmd+J].
Now you have your text shape cut out of the steel or metal texture.
Duplicate the steel or metal shape of your text [Cmd+J] and make it black using Hue and Saturation [Cmd+U] and set the lightness to -80.
This makes the Shape go almost black.
Place this 'black text layer' underneat your 'steel or metal shape layer'.
When this is done, make sure u have your move tool (V) selected.
Use your arrow keys to move your 'black text layer'. Move 1px down (1x arrow down) and 1px left (1x arrow left)
It'll give a tiny shadow to your 'steel or metal shape layer'.
Repeat this step a few times:
Duplicate the black layer, arrow down, arrow left.
Once satisfied with the '3D' result select all layers and Merge them into one (Cmd+E)
Now right click your, now 3D text, layer and choose 'Blending Options'
In the blending options apply 'Gradient Overlay'
I've used these settings for gradient overlay.
Looks pretty neat already right? Now let's get to the good part. Let's apply some rust!
Take a look at my previous post wich included rust freebies.
I personally would start off with the cracked rust textures (first 4 images) and afterwards go for the 'heavy' rust so you can actually see what you're doing.
Copy a cracked texture into the Rusty Text project and resize [Cmd+T] it to satisfied size of how you want to apply it on your text.
Cut out the part that you want to use using any method you prefer (Lasso, Quickmask Mode or even use the Eraser)
After cutting it out set blending mode to either Darken or Multiply (wichever suits the best)
We're getting there. Now let's apply some heavy rust!
We'll use the same technique as in Step 3. Place a rusty texture on top of your '3D text layer' and hit [Cmd+J] to cut it out of the texture.
Afterwards set the blending mode of the 'heavy rust layer' to Multiply for an awesome effect.
Wow! That looks amazing!
Select the Eraser tool (E) and select a brush that fits you with a hardness of 0% and set the Flow to 5-20%.
Now erase the parts you don't want to have in your rusty text. Especially the parts were we put the cracks on.
Finishing touches is what's it's all about!
In the finishing touches you can just play around and let your fantasy do the work.
I've applied some rusty pins in my text for the extra feeling and set made everything a bit more gray.
I hope this Tutorial was usefull for you.
Comments with feedback or results are always welcome!