An aluminum alloy foil is formed from an alloy containing about 1.2 to 1.7% by weight Fe and about 0.35 to 0.80% by weight Si, with the balance aluminum and incidental impurities. The alloy is continuously strip cast to form a strip having a thickness less than about 25 mm, which is then cold rolled to interanneal gauge and interannealed at a temperature of at least 400° C. The interannealed strip is cold rolled and further annealed to form the final foil product, having excellent rollability combined with high strength of the final foil.