The present invention is, in one form, an aqueous alkaline metalworking fluid composition in the form of a concentrate which includes a salt of orthophosphoric acid; a dibasicdioic acid in an amount of up to about 5.0% by weight of the concentrate; an essentially phosphonate-free chelating agent; and, a neutralizing base. The composition may also include a lubricating agent, a coupling agent, a passavating agent, a biocide, and a colorant.