Eventually it eats through the laminations and starts to corrode the internal iron. Eventually it will short it self out. I clean the OT and PT with either denatured alcohol or naptha as they evaporate very quick. A tootbrush helps knock out the dirt and then I wipe them down with a towel.
You can also paint them with shellac to keep them moisture proof. I just use a high quality libricant to keep them from oxidizing. It's called HHS 2000 from Wurth Germany.