The report gives results of a study of the volatilization of lubricants used in steel rolling. Data from nine steel mills were used to: define the volatilized portion of lubricants used in rolling; and prepare total oil, grease, and hydraulic material balances for actual and typical cold and hot rolling operations. Air Pollution from cold and hot rolling was estimated from data acquired from questionnaires, plant visits, and emission source sampling. Introductory and background information on steel rolling, lubrication practices, rolling mill lubricants, and rolling emulsion application techniques is also presented. Study results generally agree with those of a previous study which estimated that for a typical integrated steel plant, with a raw steel production capacity of 3.6 million metric tons per year, 6530 metric tons per year of oils, greases. and hydraulic fluids are used throughout the plant. Since about 83% of these lubricants are used in steel rolling and finishing, this study concentrated on these operations. For a typical cold strip mill, total hydrocarbon (HC) emissions were estimated to be 358 metric tons per year. Therefore, the total HC emission rate for all cold strip mills in the U.S. is an estimated 7160 metric tons per year. It was also estimated that for a typical hot strip mill, total HC emissions were 94.7 metric tons per year (2460 metric tons per year for all US hot strip mills).