Reinforcement corrosion in reinforced concrete (RC) structures induces concrete cracking and leads to a reduction in both steel cross section and steel-concrete bond strength. In this paper, a new model is proposed based on a scalar damage parameter Dc that depends on the loss of cross-sectional area of steel due to corrosion. The model predictions are plotted against experimental data from the literature based on both accelerated and natural corrosion processes and compared to other existing empirical models. The proposed new model significantly improves the prediction of the bond strength of corroding steel bars and is valid for all diameters ranging between 10 and 20 mm (0.39 and 0.79 in.). Moreover, two additional parameters have been implemented in the model, allowing for the consideration of natural (localized) corrosion and the presence of stirrups. A stirrups confinement coefficient st and a pit penetration depth coefficient a have been successfully calibrated using experimental results from the literature.