The most common corrosion reaction is the
rusting of iron in water
4 Fe + 6 H2O + 3 O2 <--> 4 Fe(OH)3
The oxidation portion of the reaction results
in the actual loss of metal
Fe <--> Fe+2 + 2 e-    Step one (OX)
Fe+2 <--> Fe+3 + e-    Step two (OX)
Fe <--> Fe+3 + 3 e-    Overall Oxidation half-reaction
The reduction portion of the reaction
drives the process of corrosion
O2 + 2 H20 + 4 e- <--> 4 OH-   Reduction half-reaction