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That's your steering cable. It almost looks like something is dripping on it since there is discoloration on the fitting at the end too. All that stuff is stainless and shouldn't really rust.
Like @RobbieO said just clean it up and spray it regularly and keep an eye on it. It won't cause you a problem where it's at but if it rusted further down that stainless rod it would be a problem and could possibly make your steering stick like several of us are dealing with including myself and @HangOutdoors.
I sure wish that was the extent of my Rust problems! LOL. That's just a warning shot from the Rust Gods. Just keep everything back there coated in Yamalube or your favorite equivalent and it will stay nice and pretty. If you're near saltwater spray twice as often because the regrets of spraying too much is far less than spraying too little.
That's your steering cable. It almost looks like something is dripping on it since there is discoloration on the fitting at the end too. All that stuff is stainless and shouldn't really rust.