I put a surgical condom on mine (surgical tube, sized to fit). I use mine so often that the paint thing didn't work well for me. Surgical tube can be removed/replaced and will prevent oxidation.
There are two added benefits: allow the surgical tube to extend beyond the firesteel 1 inch and stuff it with a vaseline'd cotton ball, then tie it closed (to prevent seep). This makes instant fire as close as your steel. The final benefit is tiny rubber bands cut from cross-sections of surgical tube. I've successfully made bird traps from these and some line (the Ojibway trap minus the tree).
There are many other uses...
-carl