Abstract: A corrosion-resistant coating for a ferrous surface comprising an asphaltic matrix of an asphalt or a petroleum resin or a mixture thereof having a convertant dispersed therein. The convertant is either adsorbed at the ferrous surface or reacts chemically with the surface to prevent further oxidation. Preferably, the coating is sprayed onto the surface as a solution in a solvent, and the solution may also include a film-forming resin. Other optional coating ingredients include elastomers to improve low-temperature characteristics, and fillers or bulking agents.