For steel, as in hand tools, not power tools, I used cleaning vinegar 6% to soak everything, and then a good water rinse, followed by WD-40 spraying. Everything survived.
I had a few pieces of powered tools 120V 1 ph I just disassembled everything, and used several cans of WD-40 to clean everything. Then PB Blaster penetrant on where bearing races or bushings were. The armature fields and switches got doused and re-doused with the WD-40.
Here's an elderly Craftsman 3/8" VSR drill I bought new probably 44 years ago. I rarely use it, but it did a lot of work for me when it was a 'first-line' tool. I didn't want to junk it because it got a bath. If it failed the refurbishment, I'd have made the effort, and wouldn't feel badly about saying good-bye to it. Fortunately, it accepted the clean-up after being one with Sponge-Bob, and it's back in the available tools to use location.
I had a nearly-new Milwaukee 9 inch sander/grinder that got 'the treatment.' I opened the grease vault for the bevel drive, and found that contaminated with water penetration. It's
not supposed to appear like grey 'soup!' I ordered some new grease (I was unsure on which grease to buy, I ended-up with Type Y after speaking with Milwaukee Customer Tech Service). It runs fine, and no issues.
The flood which got some of my tools immersed shut-down the Ft. Lauderdale International Airport (FLL) because of the rising/standing water. The storm caused flooding to just under 26" depth. See for yourself:
