A lubricant composition contains poly-.alpha.-olefin oil having a kinematic viscosity of 1500 to 13000 mm .sup.2/s (40.degree. C.) as a base oil and from 45 to 50% by weight of a thickener composed of polytetrafluoroethylene. The lubricant composition may be used for lubricating an expandable shaft having a pair of shaft members filled with the lubricant composition to prevent stick-slip from occurring when a high surface pressure is applied thereto, thereby allowing consistent maintenance of good lubricating performance. Such an expandable shaft may be incorporated advantageously into a steering system as an intermediate shaft into an area between a steering shaft and a rack-and-pinion mechanism.