The paper presents an innovative method of metal forming of hollow flanged elements. In this process flanges are formed using a movable sleeve, which moves in the opposite direction to the punch. The movement of the sleeve causes a closed impression to open, due to which the flange is also formed in a semi-free impression. The tube billets were made of 42CrMo4 grade steel deformed in cold metal forming conditions. The calculations were conducted using finite elements method in Deform-2D/3D. Various technological parameters of the process were analysed, among others the diameter of the flange and initial height of the impression of the movable sleeve. On the basis of the obtained results the limiting phenomena of the process were determined and the influence of the analysed technological parameters on these phenomena were presented.