The theory of wire drawing is modified to allow calculation of a hydrodynamic film thickness and viscous friction coefficient using Reynolds's equation for the lubricant. Two cases, viz. (i) constant film thickness, (ii) exponential variation in film thickness, have been studied. The film thickness is determined by the principle of minimum rate of entropy production. It is shown that the apparent coefficient of friction varies significantly within the die. At small reductions there is an optimum die angle and under certain conditions there may be no optimum die angle. With the increase in speed (beyond some critical value) the drawing stress reduces.