Abstract: A corrosion inhibiting composition includes, by weight, 2% to 20% alkali metal nitrite or alkaline earth metal nitrite, 16% to 90% alkali metal benzoate or alkaline earth metal benzoate and 4% to 50% alkali metal molybdate or alkaline earth metal molybdate. The composition is mixed with a resin carrier to form a master batch. A plastic composition containing a corrosion inhibiting component and a resin is also provided wherein the corrosion inhibiting component includes 0.13% to 1.25% alkali metal nitrite or alkaline earth metal nitrite, 1% to 5.63% alkali metal benzoate or alkaline earth metal benzoate and 0.25% to 3.13% alkali metal molybdate or alkaline earth metal molybdate by weight of the plastic composition. The plastic composition can be formed into a film which can be used to cover metal articles thereby preventing corrosion.