It is suitable for use on iron,. According to the company’s product description, rust reformer bonds with the rusted metal, changing it. Menards has it for $44 for the equivalent of two 5 gallon pails of normal asphalt sealer, which is $27.50 each or $55 total.
I used four pails, so that's $44 savings. It's designed to provide a lasting protective coating and a beautiful finish with.