An oil in water lubricant fluid for use in steel cold rolling, comprising an oil in water emulsion having a particle size of 1 μm or less, consisting of an oil phase and water, where the oil phase includes about 5 wt % to about 40 wt % of at least one polymeric surfactant, about 25 wt % to about 95 wt % base oil, about 0.2 wt % to about 10 wt % extreme pressure lubrication additives, and about 0.5 wt % to about 6 wt % other functional additives.