A composition and method for repairing metal reinforced concrete structures by applying a repair coating to surfaces of such damaged structures. The coating composition is a mortar/aggregate mixture blended with fiber reinforcements and containing a quantity of selected migratory corrosion inhibitors. These inhibitors are a mixture of sodium gluconate together with an auxiliary inhibitor consisting of sodium sebacate, potassium sebacate or ammonium benzoate. The fiber reinforcements consist of polypropylene or polyethylene, and are co-extruded with a quantity of the migratory corrosion inhibitors listed above.