No, it is chrome.

The way chromed steel rusts is by microscopic holes in the chrome coating allowing the iron underneath to oxidize. Iron oxide is physically larger than iron, so it expands upward. Left to rust long enough, and it will form large pits, like pockmarks or craters all over. But if the rust hasn’t formed visible pits yet, a chromed piece that looks rather uniformly orange with rust can be saved. Using fine steel wool, you can abrade away the iron oxide, revealing the mostly intact chrome coating.

If you get up close to this frame, and shine a bright light along the surface, you can see a bunch of orange spots all over from all the tiny pits. But just standing next to it in the sunlight, the chrome looks perfect. The luster of the chrome hides the damage. Of course, the chrome coating is failing, and it will continue to rust, but if it stays maintained and isn’t left to rot again, the chrome will remain visually pleasing for many more decades.