Strip feeding mechanism intended for use in a stamping and forming machine comprises an intermittently rotated sprocket wheel (6) which is located adjacent to the operating zone of the machine in which the stamping and forming tooling is located. The strip material (2) is held against the periphery (10) of the sprocket wheel (6) by a retaining shoe (53) so that the sprocket teeth (12) will enter pilot holes (4) in the strip (2) and advance the strip during feeding intervals. During non-feeding intervals, the pilot pins (24) which are part of the stamping and forming tooling, will adjust the position of the strip (2) relative to the tooling performing the operation thereon. The construction of the biasing shoe (53) and the sprocket wheel (6) is such that the strip (2) is not firmly held by the feeding mechanism and can be moved by a very slight amount by the pilot pins (24) in order to position the strip (2) precisely in the operating zone.