Information upon the formability of thin metal sheets is important for both sheet manufacturers and users. From the producer's point of view, the most significant is the knowledge of the characteristics of the metal sheet correlated to its formability and ability to influence the manufactured process, being able to produce semi-products with previously established properties. From the user's view-point, it is of importance to be able to select the semi-product that allows him to obtain finished products of definite size and shape at the lowest price possible. More procedures have evolved with time for evaluating metal sheet formability. Some of them are based upon simulative tests, others on mechanical tests. A more realistic and general method has been introduced recently, this being the Forming Limit Diagram (FLD). The present paper presents a new approach to FLD modelling. The yield criterion proposed recently by Hill [R. Hill, Int. J. Mech. Sci. 35 (1993) 19] is used for the calculation of the limit strains in connection with the Swift's instability condition for diffuse necking.