Totally cosmetic, has not, will not weaken because of future rust. The only corrosion in the home is caused by water when mopping the floor and splashing the bare steel. The uniform grey color of the steel beam indicates it has a zinc rich primer. Mill scale would be nearly black and not as uniform in color. When the weld was made it burned off the zinc adjacent to the weld (routine) ; This is supported by the nearby white or lite grey areas which are basically zinc oxide from the burned coating. The weld itself and most of the HAZ ( heat affected zone) were bare steel and began rusting the first time they were damp or wet. The two vertical edges of the beam have been damaged enough to remove the zinc rich paint and are also rusting. If you want it to look good , wire brush to remove rust , treat with NavelNaval Jelly ( phosphate conversion coating) and paint. ( Apologies to @ JACK). You could improve appearance a bit more by using a grinder to clean-up the battered vertical edges of the beam before treating and painting.