Abstract: A method and apparatus for forming pulleys or similar cylindrical objects having three or more V-shaped peripheral grooves from a single piece of material is disclosed. The apparatus comprises an inner support assembly which includes at least two rotary support rolls joined together by spring means so that they may move axially relatively of each other. The method and apparatus also includes utilization of conventional exteriorly mounted preliminary preforming and final shaping rollers having the appropriate number of shaping members and with the inner rolls cooperating with the exterior rolls and being capable of moving toward and away from each other as the metal is drawn down by the exterior final shaping rolls.