Abstract: Apparatus for the continuous annealing of strip steel or the like, wherein the apparatus comprises a furnace having an annealing chamber and input and output strip feed structures located on opposite sides of the chamber near the top thereof. The rate at which the strip is feed through the feed structures is regulated by a feed controller which establishes a catenary loop of strip between the feed structures. The strip feed structure includes a mechanism for connecting the trailing end of a section of strip to the leading end of a succeeding strip, whereby a continuous supply of strip is provided to the furnace from a supply of coils of strip or the like. The feed controller is operatively coupled to the input and output strip feed structures for controlling the respective rates of the feed structures, and thereby controlling the size of the loop such that the furnace may be operated concurrently to anneal the strip and function as an accumulator.