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Technically it doesn't have enough chromium or nickle to give it corrosion resistance characteristics, but I have a piece of 4140 in my basement that has not corroded at all and the 1018 next to it has. I have also seen shafts made from 4130/4140 types of steel used in a corrosive environment that have relatively little corrosion.
What is your application? If you need high strength and corrosion resistance, you could try using something like 440C, it has higher strength then 304 or 316 and is corrosion resistant as well as hardenable to Rockwell 50-55C.
I say no; even ground goes to crap pretty fast. Heat treating helps a little, but it's still gonna need to be oiled. it's crap to machine, too. If you gotta use it, it does nickel plate pretty well.
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