An aluminum alloy foil is formed from an alloy containing about 1.2 to 1.7% by weight iron, about 0.4 to 0.8% by weight silicon and about 0.07 to 0.20% by weight manganese, with the balance aluminum and incidental impurities. The alloy is continuously strip cast, e.g. on a belt caster, to form a strip having a thickness of less than about 25 mm, which is then cold rolled to interanneal gauge followed by interannealing at a temperature of about 280 to 350° C. The interanneal strip is cold rolled to final gauge and further annealed to form the final foil product, having high strength and excellent quality.