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A coated metal pipe which comprises a pipe coated with a composition comprising 2 to 40 wt. parts of low molecular weight oxidized polymer of polypropylene or propylene-ethylene copolymer; 5 to 40 wt. parts of a rubber component selected from a group consisting of styrene-butadiene copolymer, po

A coated metal pipe which comprises a pipe coated with a composition comprising 2 to 40 wt. parts of low molecular weight oxidized polymer of polypropylene or propylene-ethylene copolymer; 5 to 40 wt. parts of a rubber component selected from a group consisting of styrene-butadiene copolymer, polyisoprene, butyl rubber, chlorosulfonic polyethylene and polyisobutylene; 5 to 50 wt. parts of a tackifier and 10 to 80 wt. parts of asphalt.

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1. A coated metal pipe which comprises a pipe coated with a composition consisting of: 2 to 40 wt. parts of a low molecular weight oxidized polymer of polypropylene or propylene-ethylene copolymer having an acid value of 1-20 as measured by the dioxane-tetralin solvent method; 5 to 40 wt. parts

1. A coated metal pipe which comprises a pipe coated with a composition consisting of: 2 to 40 wt. parts of a low molecular weight oxidized polymer of polypropylene or propylene-ethylene copolymer having an acid value of 1-20 as measured by the dioxane-tetralin solvent method; 5 to 40 wt. parts of a rubber component selected from the group consisting of styrene-butadiene copolymer, polyisoprene, butyl rubber, chlorosulfonic polyethylene and polyisobutylene; 5 to 50 wt. parts of a tackifier; and 10 to 80 wt. parts of asphalt to a thickness of 0.1-10 mm. 2. The coated metal pipe of claim 1, wherein said low molecular weight oxidized polymer is a low molecular weight oxidized propyleneethylene copolymer. 3. The coated metal pipe of claim 1, wherein said low molecular weight oxidized polymer is a low molecular weight oxidized polypropylene. 4. The coated metal pipe of claim 1, wherein said low molecular weight oxidized polymer has a molecular weight of 1000-5000. 5. The coated metal pipe of claim 1, wherein the tackifier is rosin, rosin polymer, rosin polyol ester, hydrogenated rosin, hydrogenated rosin polyol ester, petroleum resin or terpene resin. 6. The coated metal pipe of claim 1, wherein the rubber component has mooney viscosity of 20 to 60. 7. The coated metal pipe of claim 1, wherein the composition is coated onto the surface of a pipe, the coating having a thickness of 0.1 - 5 mm. 8. The coated metal pipe of claim 1, wherein the composition is heat-melt coated onto the metal pipe body at 100° - 250° C to form a coated layer having a thickness of 0.1 - 10 mm. 9. The coated metal pipe of claim 1, wherein the metal pipe coated with the composition is overcoated with a thermoplastic resin having a thickness of 0.1 - 10 mm. 10. A coating composition, which consists of: 2 to 40 weight parts of a low molecular weight oxidized polymer of propylene or a propylene-ethylene copolymer having an acid value of 1-20 as measured by the dioxanetetralin solvent method; 5to 40 weight parts of a rubber component selected from the group consisting of styrenebutadiene copolymer, polyisoprene, butyl rubber, chlorosulfonic polyethylene and polyisobutylene; 5 to 50 weight parts of a tackifier; and 10 to 80 weight parts of asphalt. 11. The composition of claim 10, wherein the low molecular weight oxidized polymer has a molecular weight of from 1000 to 5000. 12. The composition of claim 10, wherein the rubber component has a Moody viscosity of from 20 to 60. 13. The composition of claim 10, wherein the low molecular weight oxidized polymer is an ethylene-propylene copolymer containing from 3 to 15 weight percent ethylene.