Dear Student,
Rust is apparently a hydrated form of iron(III)oxide. The formula is Fe2O3•xH2O. Rust is formed when the iron is exposed to air and moisture for a long time. Removing rust will result in loss of some amount of iron metal, because rust itself is oxidised form of iron. To be noted, the metal would weigh lesser than the original weight of fresh metal after removal of rust, may it be done through any methods.
Regards!