A pouring reel for forming a long product moving at an incoming velocity into an annular coil comprises a central mast lying on a vertical axis. A cylindrical tub surrounds and cooperates with the mast to form an annular chamber, the bottom of which is closed by a coil plate. An entry pipe is arranged to deliver the product downwardly for accumulation in the chamber as a series of superimposed rings forming the annular coil. A first drive mechanism rotates the tub about the vertical axis, and a second drive mechanism rotates the mast about the same axis. The first and second drive mechanisms are operable independently of each other to thereby permit the tub and the mast to be rotated at surface velocities substantially matching the incoming velocity of the product.The tub and entry pipe may also be vertically adjustable in unison relative to the central mast and coil plate in order to maintain the free fall distance of product being delivered into the chamber at a predetermined substantially constant minimum.