Help Identifying A Radiator Part

Hello,
Can you please help me understand what this is and if/how it should be adjusted? When my boiler is running, I can hear steam coming out of it and I see a few drops of water on the pipe below. Is that normal?
Thanks
Comments
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It is an air bleeder for a hot water system. Put a screwdriver in the slot and turn it clockwise. If it doesn't stop leaking you will have to replace the vent and drain the boiler to do it.
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It's a Hoffman No 500 air vent
It came in a package that said for water or steam, didn't work great for either, but worked a little better for water
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Those “coin” style air vents for steam cast iron baseboard eventually fail when the hydroscopic material that seals them fails. What you want to do is add a brass nipple to a brass elbow/coupling to install a small typical radiator vent.
See this thread:
https://forum.heatinghelp.com/discussion/153455/baseboard-vent-one-pipe-steam-system
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