It doesn't work except in highly corrosive environments. In 'milder' environments (polluted industrial air for example) very minor differences in humidity, rainfall, wind and sun exposure, and nearby structures could have a factor of 100x impact on observed corrosion rate. And we haven't even started to talk about microbial factors.
If steel will only last a few years then there are likely good numbers to use. If it will last 20-100 years that is what you have to work with.
This is why there is so much work done on coatings. That is how you get reliable long life out of plain steels.
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P.E. Metallurgy, consulting work welcomed