This is why it's rotten, there's three pieces of metal sandwiched
together in this area: the bed, upper box panel and lower box
panels.
By the way, the problem with excessive rot at the spot weld
flanges or seams is a Toyota problem - poor metal prep. All
cars that are made of sheet metal are built in this way: one
body panel has a flange that is spot welded to another body
panel. There are lots of early 80's vehicles (GM, Ford) that
DON'T have this problem.