Even a well-seasoned cast iron pan will rust if it’s exposed to prolonged moisture and air. That could mean a spot of water, an insufficiently dried-out skillet, or even humid air in a hot environment. The process is simple chemistry; in the presence of moisture, iron molecules react with oxygen molecules on a chemical level to form iron oxide, aka rust. Left to its own devices, this redox reaction will eventually convert the entire mass of iron into iron oxide. It would take decades for a hunk of metal the size of a cast iron pan to decompose, but iron oxide does weaken the atomic bonds in cast iron, and can eventually cause pitting that damages seasoning.