That looks like a tin plated aluminum lug (aluminum corrosion) with a plated steel screw (rusted screw).......
Here is an explanation of the differences between both ILSCO GBL 4 lugs from John Wiles Code Corner in Homepower issue 102 "The Ilsco GBL-4DBT is a lay-in lug
made of solid copper, which is then tin-plated. It has a
stainless steel screw to hold the wire. The lug accepts a #14
(2 mm2) to #4 (21 mm2) copper conductor. It is listed for
direct burial (DB) and outdoor use and can be attached to
aluminum structures (the tin plate). The much cheaper Ilsco
GBL-4 lug looks identical, but is tin-plated aluminum, has
a plated screw, and is not listed for outdoor use."
Jamie Johnson
NABCEP Certified Solar PV Installer #031310-118
General Manager
SOLAR POWER ELECTRIC
EC13001765
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