Abstract: The improved composition of the present invention can be set, in accordance with the present method, to a high temperature, corrosion resistant protective covering or coating on various types of substrates. The set covering is hard and tenacious, yet flexible and durable. Compressed wood products incorporating the same are fireproof, impervious to termites, fungus, dry rot, will not absorb moisture, are shape retaining and durable. The composition includes a thermosetting phenolic resin adhesive, leveling or bodying agents in the form of modified montmorillonite clay and silicone-containing resin, ceramic glaze material, and high temperature paint powder comprising selected thermosetting material such as polyester, epoxy, a mixture of polyester and epoxy, or acrylic resin, usually with a coloring agent. After the composition is applied to a clean substrate, it is cured to a hard, set, fully protective state by heating it at at least about 150.degree. C. for at least about one hour.