a method and apparatus for cold working a metallic blank having a central hole into a substantially annular or cylindrical article such as an internally and or externally toothed gear , with the method including forcibly inserting a hollow metallic blank at a normal temperature into a die cavity formed between a mandrel placed on a fixed base and a die concentrically surrounding the mandrel so that the blank is plastically deformed between the mandrel and the die ; forcibly inserting a subsequent hollow metallic blank into the die cavity while the relative position between the mandrel , the die and the first blank being plastically deformed therebetween is kept unchanged ; and urging the subsequent blank against the first blank to extrude the first blank forwardly out of the die whereby the first - said blank is formed into a tubular article .