It has been shown previously that water becomes non‐corrosive to iron and steel after contact with certain metal soaps (Pb, Zn, Ba, Sr, Ca) of linseed‐oil fatty acids.Aqueous extracts of the lead and calcium soaps have now been analysed, mainly by chromatography. The extracts contained salts of formic acid, azelaic acid and an unsaturated hydroxy‐acid derived from pelargonic acid; small quantities of the salts of acetic, propionic, butyric and suberic acids were also detected.Immersion tests showed that lead and calcium formates were corrosive, but the lead and calcium salts of azelaic acid, suberic acid and pelargonic acid were inhibitive at pH 4.6. A synthetic mixture was made, which had inhibitive properties similar to those of a natural extract.Two hypotheses are put forward to explain the results.