that part of the U.S. comprising many of the states of the Midwest and the Northeast, characterized as an area marked by diminishing population, aging factories, decreasing production as of steel and automobiles, etc.
See Rust Belt in American Heritage Dictionary 4
or rust·belt also Rust Belt(rŭstˈbĕltˌ)
noun
A heavily industrialized area containing older factories, particularly those that are marginally profitable or that have been closed.