Neat article from Grit magazine. I'm finding lots of interesting bee articles on this keepingbackyardbees.com site. Beeswax is used to prevent rust and blacken steel, rubbing it on heated pieces so it melts into the grain of the steel and prevents rust from starting. A mixture of beeswax, linseed oil and mineral spirits becomes a paste to rub on rusty and not-yet-rusty tools. And it can be used to lubricate the blades on your sickle bar for your haying work.
http://keepingbackyardbees.com/using-beeswax-for-metal-work/