Miker,
There were long discussions on this problem earlier in the year. There were also as many remedies.
My own remedy, that has so far lasted five years, is to grit blast the rusted area. Leave it bare for about a month to acquire a surface rust coat, and then apply NeutraRust 661. I applied it to my cast iron keels five years ago, and except for any area that has been knocked, there is no rust showing. In areas where it has been knocked, there is a slight rusting that I have recoated with NeutraRust, and antifouled over. I can even show you photos taken when the boat was pressure washed when she came out on November 1st.
NeutraRust is a non acid chemical that converts the rust to a hard black finish - almost like enamal. There is a website, and if you can do a search over the past year (on this site) type in NeutraRust or neutrarust, and read the comments.
I can get the address and phone number of NeutraRust (UK) and there is a website where you can read the manufacturers blurb on it. I think it is www.neutrarust.com.
If you only want a small amount of NeutraRust, I believe Screwfix Direct now sell it under a different name.
No matter what other comments you may get on here, I have used it and can confirm it does work. I found out about it from an article in PBO many years ago, where a builder of a steel hulled boat used it to good effect.
It must be good, as it is used on the bridges over the Hudson River to Manhattan.
Not sure about keels, but on the drilling rigs out here in the north sea, we use a product called ospho, I believe it is a phosphoric acid treatment and it stops rust dead! I used itr on some metal fittings that get a rtegular salt water spray from my stern glands, (I know they shouldnt!) and it has protected them, also there are many rust treatments that convert the rust to magnetite, which stops any furhter rusting, I believe nuetrarust is one of those, finnigans No:1 primer is also very very good stuff and kills the rust and coats in one go! There must be a multitude of rust killers preventers, try looking in old car mags!
I rang Granville Oil. They no longer supply Neutra Rust but now do their own equivalent, called SRC, so I ordered some of that.
I'm assuming that it is as good.