Identify part behind driver side splash guard.

My splash guard clips were making noise so I removed them to install some Rad Rubber thicker guards.
I noticed this part on the driver side that had some rust on it. What exactly is it, and do I need to do anything about that rust.
Adding pictures for reference.
Thanks

 

That’s a steering shaft…there’s also a u-joint a little further down that shaft. I brushed on some wool wax on it to keep the rust off, but I tried avoiding mashing it into the spider of the u joint so I don’t get grit in there. Maybe it’s sealed but didn’t want solve one problem to cause another.

 

So you recommended just spraying some fluid film( I have it on hand) on it or just let it be since it's the steering shaft?