Abstract: An apparatus and method are provided for forming a pulley having at least two grooves from a cup-shaped metal blank having an axially extending sidewall. The blank is rotated about its longitudinal axis and is crushed between axially closing dies. As the blank is being crushed, a rough forming roll is translated radially into contact with the outer periphery of the cup and applies forming pressure at at least two axially spaced zones. A finish forming roll is radially aligned with the rough forming roll and is translated radially toward the outer periphery of the cup. The rough and finish forming rolls are carried by cam-actuated slide assemblies arranged to move the rough roll into the blank wall in advance of the finish roll in a working operation so as to partially form a pulley groove and to maintain the finish roll in the partially formed groove during an idling operation.