The analysis of localized necking is strongly dependent on the yield function. Numerous yield criteria have been advanced to characterize the plastic deformation of sheet materials. Among them Hill's 1948 and the fourth form of 1979 yield criteria are the most commonly used yield criterion. A new and user-friendly yield criterion was proposed by Hill in 1993, which uses five independent and easily-obtainable material parameters. The present investigation compares these three yield criteria in forming limit predictions based on the M-K approach. The M-K analysis based on Hill's 1993 yield criterion yields forming limit predictions for aluminum in good agreement with experimental data. All three yield criteria are found to provide acceptable predictions for aluminum killed steel.