Abstract: The present invention provides metal shaping compositions and processes for using same for shaping metal substrates. Specifically, the metal shaping composition discussed herein are environmentally-friendly, water-containing composition which provide excellent lubricity under metal shaping process conditions while also providing excellent rust protection. The metal shaping compositions discussed herein contain (i) a film-forming lubricant capable of being solubilized into water in dispersible or emulsifiable form and which softens at a temperature of about 80 to about 200° C.; (ii) a film forming polymeric binder capable of being solubilized into water in dispersible or emulsifiable form; (iii) a solid lubricant capable of being solubilized into water in dispersible or emulsifiable form; and (iv) a corrosion inhibitor.