A method is provided for compacting metal-based powder compositions containing at least one thermoplastic material at temperatures below the glass transition temperature or melting temperature of the thermoplastic material to form a metal-based component. Preferably, compaction is carried out at temperatures ranging from ambient to about 55° C. The method of the present invention is particularly useful for making magnetic core components. The present invention also provides metal-based powder compositions useful for cold compaction. The metal based powder compositions contain metal-based particles containing no iron phosphate layer; a thermoplastic material selected from polyetherimides, polyphenylene ethers, polyethersulfones, polycarbonates, polyethylene glycol, polyvinyl acetate, polyvinyl alcohol or combinations thereof, and an oligomer of a polyamide.