Polyethylene composition with improved balance of impact resistance at low temperatures and Environmental Stress Cracking Resistance (ESCR), particularly suited for producing protective coatings on metal pipes, said composition having the following features: 1) density from 0.938 to 0.948 g/cm3; 2) ratio MIF/MIP from 15 to 25; 3) MIF from 30 to 45 g/10 min.; 4) Mz equal to or greater than 1000000 g/mol; 5) LCBI equal to or greater than 0.55.