There's no way to retard it without removing it, and if you leave it, or try to seal it, it will continue to corrode from underneath.
I have had excellent results on those kinds of crusty cancerous splotches with a sharp razor blade scraper. Light, steady, repetitive strokes. You may go through a few blades. Keep it wet with nothing stronger than a penetrating oil of your choice. When you knock that down to flat, brush it - again, light and steady, in multiple directions - with nothing more abrasive than 0000 steel wool. The light and steady approach is to leave the 'good' layer of rust (magnetite) after the hematite is removed. That layer of oxidation is akin to black oxide or the red oxide in paint and will actually protect the box and match an aged but preserved appearance. The goal is to not take it down to bare steel, which will draw the eye, be exposed, and need touching up, or sealant.