Localized necking in sheets under biaxial tension is analysed by an Marciniak—Kuczynski localization approach (MK-analysis) along with a new plane-stress criterion. Analysis is developed for a rigid viscoplastic behaviour based on flow-theory of plasticity. The model is introduced in numerical calculations to determine forming limits to ductility under linear and non-linear strain paths. However, the results are presented in a new diagram that represent the effective strain as a function of the current strain-rate ratio. A comparison with classical forming limit diagrams shows the intrinsic character of the new diagram.