Refurbishing a Fire Escape

I’m a new member on the board of an eight-story cooperative, built around 1910 and located in the SoHo-Cast Iron Historic District. The fire escape on our building is in pretty bad shape: More than a few steps, slats, and railings are loose, and some are even missing, several of the anchorages into the building are also loose, and the metal is severely rusted throughout. Aside from it being a visual eyesore (the fire escape is on the front facade), it’s a safety hazard if we have to use it in an emergency. Is it possible to repair the fire escape without replacing the whole assembly, and if so, what does it entail?

a fire escape that needs repair
Rust and peeling paint must be scraped off before repainting a fire escape.
Checking for Instability
Scraping and Painting
Unsafe Conditions