This tutorial explains two techniques. The first shows how to create nice, shiny metal; the other, how to make it look rusty and old.
Don't be scared by the number of steps, most of them are not bigger than appling a filter.
Using the Paint Bucket tool fill the background layer with black. Using the Type tool type the text you want to use. Load selection from the text layer. Create a new channel and fill the selection with white using the Paint Bucket tool.
Apply Mezzotint filter (Filter > Pixelate > Mezzotint) with Short Lines three times.
This is what you should have by now. Keep the selection active.
Apply Dust & Scratches filter (Filter > Noise > Dust & Scratches). In most cases a radius value of 2 or 3 will do the job.
The point is to lose every single line inside and at the same time not to get a very curvy shape. Keep the selection active.
Duplicate current channel. Apply Spatter filter (Filter > Brush Strokes > Spatter) with setting as shown in the picture.
Invert selected area (Ctrl+I).
Load selection from the first channel. Create a new layer. Select the Reflected Gradient tool. Set white as foreground color and middle gray (R: 153; G: 153; B: 153; HEX: 999999;) as background color. Create a gradient starting from somewhere in the middle of the text all the way to the top edge.
Apply Noise filter (Filter > Noise > Add Noise) as shown in the picture.
Apply Grain filter (Filter > Texture > Grain) as shown in the picture.
Apply Noise filter (Filter > Noise > Add Noise) as shown in the picture.
Load selection from the second channel. Create a new layer. Set R: 140; G: 102; B: 54; HEX: 8C6636; as foreground color and fill the selection with the Paint Bucket tool.
Apply Inner Glow layer effect (Layer > Effects > Inner Glow) to the just created layer as shown in the picture. Use the same color as in the previous step, R: 140; G: 102; B: 54; HEX: 8C6636;.
Done!