I have a shed in my backyard that came with the house. It's made out of what I presume is steel sheet metal. Overall it's in good shape, but there is some rust damage on one side that is getting worse, to the point where the sprinklers and rain are getting water inside the shed.

What's the best way to go about patching this? Would I do it in the same way you would repair rust damage on a car (grind out the dust, tape/bondo the hole, prime and paint)? Or is there some other approach that would make more sense?