A metal working lubricant which can be used for drawing and ironing of sheet stock as well as used as a mechanical lubricant such as a hydraulic oil in the associated metal working equipment comprises a combination of a carboxylic acid; a film forming and wetting agent which comprises a long chain mono or diester of a carboxylic acid; a non-ionic, non-metallic ester or ether emulsifier; and a mineral oil. The viscosity of the lubricant should be at least 250 Saybolt seconds (SSU) and the lubricant, when emulsified, should preferably have an acidic pH.