1. Add your text to the canvas
Rasterize the type layer (Layer>Rasterize>Type)
Lock Transparent pixels for the Layer

2. Select gradient tool and load the Steel gradients
Choose the Steel Bar gradient
Click+Drag from the bottom of the text area to the top

3. Now unlock transparent pixels
and choose Bevel and Emboss by clicking the
tab at the bottom of the layers palette
and use the settings in the image to the left.
check the satin style as well and turn the distance
up untill it covers all of the text

4. Next select Filter>Noise>Add Noise
and use the settings of 8%, Uniform and check Monochromatic

5. Duplicate the type layer and drag the Effects to the trash tab
choose Image>Adjust>Brightness/Contrast and make the layer black
and your image should look the same as step 1

Select colors for the foreground and back simular to the
ones belowand choose Filter>Brush Strokes>Spatter with settings
Spray Radius: 7, Smoothness: 7
now hit X to switch the FG and BG colors and
hit Command/Control+F to repeat the filter

6. now choose Select>Color Range and just click on
a part of the layer that's black and hit OK
then clear the selected area so it's just the
tan and maroon on the layerand select Bevel and Emboss
from the tab and use the settings to the left

8. Here's my final image with a blood effect that was created by selecting selecting the type layer's transparency and filling a layer below with red and using the liquify tool along with a satin layer style
If you have any questions or feedback e-mail me