The requirements for a superior lubricant useful in manufacturing aluminum alloy cans by the drawing and ironing processes are described. The development of a lubricant to meet these requirements is a petroleum oil containing an organic acid, an ester, and an emulsifier. These additives provide adequate film strength, the capability of dispersing the wear debris, and the ability to form satisfactory emulsions in water. The emulsifier, or dispersion agent, used in this lubricant comprises one or more nonionic emulsifiers such as polyoxyalkalene oxide ethers or esters, sorbitan esters, or mixed esters. Minor amounts of corrosion inhibitors are used when necessary or desired. During use, bactericides are sometimes added to the emulsions.