MTribe,
I'm only guessing here. It may be just a water leak, but the powder looked a lot like what you see when galvanic corrosion occurs. Generally, it is caused from contact by dissimilar metals when low current is allowed to flow through them (a circuit has to be created, and the two metals create the "battery"). You see it in waterborne objects where the water allows an electric circuit to be completed. Since this is steel on steel, maybe there's a copper, aluminum or lead gasket between them. Good luck.