That depends on the level of importance of that steel part. A corrosion in the main flexural reinforcements would be more sensitive than a corrosion in the side skin reinforcements.

Corrosion of rebars can lead to serious implications. Once the corrosion starts in rebars it will progress slowly and will result in increase in volume at the places of reinforcement which will eventually result in to spalling of concrete.

We have seen entire roof of Clear Water Reservoir roof collapsing because of improper chlorination of fresh water resulting in to chlorine vapours damaging reinforcement due to corrosion.

This image can explain simply the effect of the corroded steel on the concrete cover (adopted from the following link):

https://www.google.iq/url?sa=i&source=imgres&cd=&cad=rja&uact=8&ved=2ahUKEwj9g_er5a_cAhWHaVAKHb5OA2EQjRx6BAgBEAU&url=https%3A%2F%2Fgalvanizeit.org%2Fhot-dip-galvanized-steel-for-transportation%2Fhdg-steel-benefits%2Fmaintenance-free%2Fin-concrete&psig=AOvVaw3IFptI4X9RHoseiOVBY1AX&ust=1532248694017934

Of coure!

Interesting....