Milling tool for fine cutting of slots or groove walls. Cutting points are angularly arranged around a generally disk shaped base member or carrier and said carrier is mounted on a spindle with the plane defined by said points positioned at an angle to a plane normal to said spindle. Rotation of the carrier with respect to the spindle will alter the axial position of the cutting tips with respect to the spindle. Thus, in one embodiment where the cutting tips are placed diametrically opposite each other on the carrier, rotation of the carrier with respect to the spindle will slightly alter the axial spacing between the cutting edges of said cutting tips. Thus, such rotation of the carrier with respect to the spindle may be utilized for fine adjustment of the cutting tips with respect to the walls of the slot or groove. This makes possible a very fine adjustment of the cutter for precise finish cutting of previously rough-cut slots and grooves. Spare cutting tips can also be mounted on the carrier at angular spacing from the initially active cutting tips, and later brought into operation while the initial cutting tips are removed from operation by rotation of the carrier with respect to the spindle. In any given adjusted position the carrier is, of course, locked nonrotatably with respect to said spindle.