Corrosion can develop due to adverse environmental conditions during the service life of industrial structures, e.g., offshore oil platforms, ships, and desalination plants. Both pitting corrosion and generalized corrosion leading to wall thickness loss can cause the reduction of the strength and thus degradation of the structural health. The monitoring of corrosion damage in difficult to access areas can be achieved using high frequency guided waves propagating along the structure from accessible areas. Using standard ultrasonic transducers with single sided access to the structure, guided wave modes were selectively generated that penetrate through the complete thickness of the structure. The wave propagation and interference of the different guided wave modes depends on the thickness of the structure. Laboratory experiments were conducted and the wall thickness reduced by consecutive milling of the steel structure. Further measurements were conducted using accelerated corrosion in a salt water bath and the damage severity monitored. From the measured signal change due to the wave mode interference the wall thickness reduction was monitored. Good agreement with theoretical predictions was achieved. The high frequency guided waves have the potential for corrosion damage monitoring at critical and difficult to access locations from a stand-off distance.