hmm reading the descriptions, I don't really think that that is what it does.

Q: What is Rust Converter?
A: Rust Converter is a synthetic polymeric formula that converts existing rust into a moisture free, black protective coating. Not only does it eliminate existing rust, but it seals out moisture to prevent the possibility of future rust formation and corrosion. Surfaces protected with this primer and an oil based paint resist the effects of weather, sunlight, rain and even salt spray without peeling or cracking as long as the oil based paint is maintained per manufacturer's recommendations. Rust Converter provides an excellent base primer for oil base and epoxy paints. This easy-to-use product is the first step in providing long-term protection of steel and iron surfaces.

Q: How is rust converter different than a rust remover?

A: Rather than removing rust, a rust converter mixes chemically with rust to create a black inert substance that can be painted over, concealing the existence of any rust and preventing further corrosion.

Q: Do I need to apply a primer over Rust Converter before I paint?
A: No. Rust Converter is an excellent primer for use under all oil-based paints.