A new corrosion resistant steel sheet (EGV) has been developed to realize the merits of organic coated Zn-Ni electroplated steel sheet and electrogalvanized steel sheet or galvannealed steel sheet. The metal plating of EGV is electrodeposited from an electrolyte containing Zn, Co and organic additives. It has fine Zn crystal with Co codeposition. EGV is good for both perforation corrosion resistance and cosmetic corrosion resistance due to its unique protection mechanism. The formability and weldability of EGV is similarly good as Zn-Ni.