Good subject , i like the complementary curves of the drum and the pulley,even the steel cord on the pulley. This image has a lot of potential of being a favorite (fine art ) it has very strong lines. To get there, first i would crop the water and background out up to the drum, clone out unwanted cords, then create a vignette along the border(which would place the focus back to the rusty pulley), use curves to add some contrast between the blacks and the rust , increase saturation a bit and finally sharpen the image using unsharp masking. And if you wanted to go an extra step- convert to black and white with sepia tone(duo-tone). Again Great potential. :0)