Abstract: A pair of rotary dies with lands having coacting cutting edges which cut blanks of material from a web passing between the rotating dies. To provide a clean cut and improved squareness of the cut ends, a side face of the land adjacent the cutting edge has a positive rake. To insure that the cutting edges can be brought into coacting relationship to produce a clean cut, they are located and arranged on the dies so that they can be varied and adjusted axially and in rotary phase relationship to each other. A die stand for positioning, adjusting and driving the rotary dies, and a method for making negative electrode cylinders for producing the rotary dies by hardening, grinding and electric discharge machining blank cylinders of tool steel, are also disclosed.