Abstract: Water base latex compositions suitable for coating corrodible metals, such as sand blasted ferrous metal, are prepared by a process characterized by the essential steps of (1) emulsifying under alkaline conditions a film forming oxidatively curable oil or alkyd modified polyurethane, and (2) blending therewith a copolymeric or homopolymeric acrylic or vinyl acetate latex.For metal coatings or for universal coatings for both (bleeding) woods and metal, a single pigment or a combination of pigments with corrosion inhibiting characteristics can be used with the polyurethane-acrylic latex, or polyurethane vinyl latex.