Hate to go against the grain here, but......I would NOT use steel wool!! Steel wool comes in different coarseness and will scratch chrome unless you can find a very soft one. I think even the softest can still scratch it though. I would only go with steel wool if it the chrome is already damaged and/or pitted a bit.
If mine, I would apply some Naval Jelly and let it set for about 10 minutes, in a warm area if possible, not super cold. Then rub it off with one of those blue disposable shop paper towels or Scotch-Brite. (Might have to do this 2 or 3 times, depending on how thick the rust is) I then use Turtle Wax Chrome Polish (and a Scotch-Brite pad) after I get the majority of the thick rust off. You might have to do a lot of rubbing, but that's okay......you'll be amazed at what you can "bring back".