Mysterious black coating on old galvanized plumbing (40s home, midwest US) : HomeImprovement

Hey folks, dealing with another minor plumbing emergency and some old galvanized plumbing in the basement needs to go. I’d like to use a Sawzall to cut the stuff out rather than try to undo the many-decades-old-fittings, however as I was prepping the space I noticed a peculiar black coating on the pipes. Is this just corrosion, or am I looking at the remnants of old asbestos pipe wrap or some kind of paint-on insulation? Any insight would be appreciated!

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