Create a 256x256 document. Fill it with a color like this #B48138. Keep that color as tour foreground color and white as the background.

Filter -> Add Noise, use 15% Gaussian Monochromatic.

Filter-> Motion Blur, choose an angle for the rust and use 999% of motion.

 

 

Filter ->Distort -> Ocean Ripple, use Size 9, Magnitude 9.

Create a New Layer and use Filter-> Render Clouds (don’t change the colors).

Change Blending Mode to Color Burn.

Create a New Layer, Fill it with the foreground color and Add Noise.

Change Blending Mode to Soft Light.

Now let’s add some more things

• Layer Merge Visible
• Duplicate Layer
• Use Filter -> Sketch -> Torn Edges in the duplicated layer. You will get something like this.

Change Blending Mode to Color Burn or Multiply.