A metal powder composition including: an iron or iron-based powder composition, and a lubricating combination including a substance A, a substance B, and a substance C; wherein: substance A is a polyolefin, substance B is chosen from a group of saturated and unsaturated fatty acid amides, saturated and unsaturated fatty acid bisamides, saturated fatty alcohols and fatty acid glycerols, and substance C is an amide oligomer having a molecular weight between 500 g/mol and 30 000 g/mol; and wherein the amounts of respective substances A, B and C in weight percent of the iron or iron-based powder composition are: 0.05≦A+B 0.5. Also, a method of producing a metal powder composition and a method for producing a green component.