Old dive knife with some corrosion

Joined
Jul 28, 2014
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318
I bought this new, circa 1989. I don't know what the blade steel is (there are no markings on the knife that identify it), but have asked Beuchat if they know.

https://www.flickr.com/photos/118050146@N06/sets/72157645775952878/

I've used it a lot, and as you can see there is a bit of corrosion near the handle, and on the pommel. I have always had issues with corrosion near the handle, as salt water seeps in between the handle and metal there. Anyway, aside from that issue I still really like the design of this knife and think it deserves some TLC. If this were yours, what would you do to clean it up? What tools, abrasives, etc, would you use? I am a total novice with knife care and thus in need of step-by-step advice.
 
Clean the rust off with 0000 steel wool.
After diving, flush the knife with fresh water, dry, and then flood the affected areas with WD 40. Wipe dry. This should force any remaining moisture out and provide rust protection.
 
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