PURPOSE: To extremely easily make various operations before and after rolling by providing an elastic body thicker than the thickness of a belt ring to the outside peripheral face of a rolling roll so that pressing force is not loaded on the belt ring before and after rolling.

CONSTITUTION: The belt ring W consisting of a metallic endless stock is grasped between the rolls 1 and 2 and is thereby rolled. The rolls 1, 2 are driven by vertically movable driving rolls 6, 7 and 3, 4. The elastic body 8 consisting of urethane rubber, etc., thicker than the thickness of the belt ring W is externally fitted onto the upper rolling roll 2. Rolling is executed by pressing down the respective driving rolls so as to compressively deform the elastic body 8 in the stage of rolling in the above-mentioned constitution. The pressing force of the driving rolls 3, 4 is weakened so that the pressing load is not loaded on the belt ring W before and after the rolling. The adjustment of belt tension, belt position, etc., is thus made extremely easy.