A wheel rim is formed from a cylindrical blank in an apparatus including a female die with a profiled, internal die cavity for receiving the blank and a male die, which includes a pair of shafts with eccentric portions carrying rollers for sequentially bearing against the blank to gradually form a wheel rim. During formation of the wheel rim, the female die, which is mounted on a turntable, is rotated while the male die is stationary. The blank is held between a ring portion of the male die and the central portion of the female die. The shafts carrying the rollers are independently rotatable, so that only one set of rollers actively forms the rim at any time during formation.