OK, I opened up one of the Federal shells that I found after long exposure to the elements on Bogue Sound. The shell has so much rust on the base that I don't think it would fit in a four gauge chamber. However, the shot is largely shiny and shows signs of being nearly fully protected from moisture and air. Tha bad news is that it doesn't seem to be steel unless Federal is using stainless. A magnet has no effect on it. Is steel shot normally magnetic? I assume it is. I should have realized that those NC waterfowlers would be using lead. I'm just as surprised that the lead shows very little evidence of oxidation, only minor discoloration on maybe on 20 pellets.