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Probabilistic assessment of ageing structures has become an important research area as it attracts the interest from not only researchers but also investors, municipalities, and governments. The most commonly used material for many important structures and infrastructure is reinforced concrete. Various degradations of such structures are manifest in the form of direct loss of reinforcement area. In this study, a time-dependent stochastic model of the reinforcement loss (in [%]) due to corrosion is presented, which has a crucial role in the estimation of the lifetime and the time-dependent health state of the structure. Bayesian updating is applied in multiple steps during the lifetime of the structure in order to improve the estimate of the reinforcement loss. An example application is shown where updating is applied in two steps.