Abstract: Steel suitable for cold deformation, and particularly hot rolled steel strip, wire, etc., may be prepared at high speed for subsequent cold working by coating it with an aqueous dispersion of novel composition comprising a high-titre soap (preferably sodium stearate), a suitable phosphorous-containing viscosity regulator for aqueous suspensions and plasticizer for the dry film formed by said soap, a water soluble hydroxyl-containing film-forming polymer, at least one water-soluble pigment such as borax, and water-soluble reaction product of an alkylvinylether with an alpha-beta unsaturated carboxylic acid or anhydride thereof forming a molten film essentially free of water (other than water of hydration) from said coating by removing water while the entire film is at a temperature at least above the solidification temperature of the combined film-forming ingredients and cooling the molten film to the solid state preferably with the aid of cooling air directed against the surface of the molten film.