Meryl Streep beat her rival nominee Viola Davis to the Academy Award for Best Actress on Sunday (26 February 2012). When the nominations were announced in January, Streep was installed as the odds-on favorite to win the award for her role as Margaret Thatcher in The Iron Lady, though Viola Davis had become the favorite going into Oscar night.
Her role in the British movie had already landed Streep a Golden Globe award, and although 'The Iron Lady' received mixed reviews from critics, Streep's performance was highlighted as one of the best of her career. Picking up the award from presenter Colin Firth, a clearly taken aback Streep told the star-studded audience, "Thank you so much, when they called my name, I had this feeling I could hear America say, Oh no, oh come on, not her again". The actress will now begin work on the drama movie 'August: Osage County' with Julia Roberts. The film follows the Weston family who overcome certain differences when their drug-addicted patriarch goes missing.
Others nominated in the category of Best Actress was Michelle Williams, for her role as Marilyn Monroe in 'My Weekend with Marilyn', and Rooney Mara for 'The Girl with the Dragon Tattoo'.