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As for corrosion, it does not really have any properties for that
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From Redline's website (can also be found on the back of the bottle):
WaterWetter®
TECHNICAL INFORMATION
Red Line WaterWetter® is designed to provide improved metal wetting and excellent corrosion inhibition when added to plain water or a glycol coolant ... Red Line WaterWetter® will provide the proper corrosion inhibition for all cooling system metals, including aluminum, cast iron, steel, copper, brass, and lead.
~Paul
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'91 300E, 214K miles