Asbestos? This old steam pipe likely contains asbestos. This is in a house built in 1945. In 1975 the EPA banned the use of asbestos pipe insulation so any house built before then has the likelihood of having asbestos in it. The EPA says that if asbestos can be crumbled, crushed or pulverized by hand it’s hazardous. Don’t try to remove this on your own, it’s dangerous – leave it to the experts!
Fix: Consult with an asbestos remediation specialist to further evaluate.