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Rusted metal turn into ferrite dust.
I often throw it away, but got more credits and nanites than I will ever need. Given the refining time, it is difficult to say it is ever worth messing with...unless you are 20 nanites short of that fill in blank upgrade you really want.
Rusted metal is a little simpler...unless there are no sources of ferrite nearby, or you are complete fueless on your multitool...just let it go. Center mouse button to clear it from inventory.
goo refined 5 times gets you nanites at 5:1 ratio (or 50:1, not sure)
rust gives you ferrite dust at 1:2 ratio. but it's slow.
https://docs.google.com/spreadsheets/d/1m3D-ElN7ek3Y0f-1XDt0IW2l6HxfXi5n5Yr7VLwLbg4/edit#gid=1263320803
Make available only one slot for them in Normal or Survival, as they drop frequently when opening discarded crates. Occasionally an alien may ask to completed a mission and request twenty of a lesser value item or something that can be refined from them. If you have any spare it's probably best to throw them away and spend time more wisely collecting greater amounts of nanites from another source.