In a lubricant composition suitable for use in the manufacture of aluminum alloys comprising lubricant base selected from the group consisting of solid lubricants, liquid lubricants, grease lubricants, emulsion lubricants, and dispersion lubricants, the improvement wherein the lubricant composition further comprises: an effective amount of water and surfactant or water and a compound comprising phosphates, borates, fluorides, and silicates. It is believed that mixing oil with water and surfactant or one of these compounds provides a method for uniformly distributing the surface oxide at the meniscus for casting applications, thereby reducing vertical fold formation that lead to cracks in aluminum ingots. In addition, the mixture promotes uniform heat transfer around the mold allowing the solidifying aluminum alloy to stay in contact with the mold longer and form stronger ingot shells. A process for continuous or semi-continuous casting of aluminum alloys via the use of this lubricant composition is also disclosed.