The aluminium foil particles will corrode long before the steel will. Aluminium is lower on the galvanic series than steel and will not cause the steel to corrode. It's the other way 'round. The aluminium particles will help to protect the steel from contact with the oxygen in the air or water, which is what actually causes most of the corrosion in steel. If and when the aluminium corrodes away, it's a simple matter to repeat the process.
Steel and aluminium will corrode eventually no matter what anyone does to them. Paint, wax and plating etc. only slow the process to generally acceptable levels.