An improved wheel disc and disc and rim wheel assembly, and method and press apparatus for manufacturing the same. The wheel disc is adapted for telescopic press fit precision mounting into a mating wheel rim to form the wheel assembly. A flat disc blank is progressively die formed into a disc preform having a cross-sectional contour proximating that of the finished disc. The disc preform is then placed in a segmental expand punch and die tooling of the press apparatus which operates to apply radial expansion pressure to substantially the entire inner circumference of the peripheral flange portion of the disc preform to thereby permanently deform the same into a finished flange portion on the disc having precision finished predetermined dimensions. A center pilot opening is finish formed in the disc preform in the progressive die forming operation, and then subsequently utilized to locate the disc relative to radial expansion die forming segments in press tooling to thereby ensure concentricity of the finished flange portion upon completion of the permanent radial expansion cold working operation thereon. The apparatus includes an expansion die set-up adjustment mechanism and set-up position sensors to facilitate both initial and running changes in the segmental expansion die set-up exteriorly of the tooling.