This is from Ospho web site...
RUSTED METALS - OSPHO is a rust-inhibiting coating - NOT A PAINT You do not have to remove tight rust. Merely remove loose paint and rust scale, dirt, oil, grease and other accumulations with a wire brush - apply a coat of OSPHO as it comes in the container - let dry overnight, then apply whatever paint system you desire. When applied to rusted surfaces, OSPHO causes iron oxide (rust) to chemically change to iron phosphate - an inert, hard substance that turns the metal black. Where rust is exceedingly heavy, two coats of OSPHO may be necessary to thoroughly penetrate and blacken the surface to be painted. A dry, powdery, grayish-white surface usually develops; this is normal - brush off any loose powder before paint application
Link: http://www.ospho.com/directions.htm