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Extremely formable cold sheet steel with an ultra-high Lankford value of more than 2.5 and an n value of more than 0.27 has been developed. This steel is obtained due to the following factors; using extremely pure IF (Interstitial free) steel, immediate rapid cooling upon completion of rolling in the hot rolling process, a high reduction in the cold rolling process, and a high soaking temperature in the continuous annealing process. This steel sheet shows excellent deep drawability and stretch formability compared with conventional steel sheet (former IF steel and low carbon aluminum-killed steel) as a result of evaluating the limiting drawing ratio and limiting dome height, respectively. This excellent formability is also shown by the model forming tests for simulating the actual stamping of an oilpan and a side-panel. Furthermore, this steel shows the same spot-weldability as that of former IF steel, and zinc phosphatability similar to that of low carbon aluminum-killed steel.