Abstract: A pelletizing apparatus is provided with a first passage through which a strand of liquified plastic is fed to a die face. A second passage intersects the first at a point closely spaced from the die face and conducts a stream of pressurized fluid. The end of the strand of plastic forms a plug blocking continued passage of the polymer. Build-up of pressure of the fluid overcomes the blocking force of the plug, cutting the strand at the intersection and ejecting the plug as a pellet. Release of the fluid pressure permits the plastic strand to advance and block the exit whereupon the fluid pressure builds up to again eject the plug. Repeated self-regulating cycles cause a stream of pellets to be formed.