This paper presents the results of a numerical analysis of a cold forging process for a hollow flanged part. The analysis was performed using Deform 2D/3D. 42CrMo4 steel tubes were used as the billet material, and their material model in the annealed state was described by a constitutive equation. The forming process was performed in six stages with the use of methods such as extrusion with a movable sleeve, open-die extrusion, and upsetting. The objective of the study was to determine whether the proposed forging technique could be used to produce hollow parts with flanges. The determination was made based on the analysis of product geometry quality and process parameters, including the Cockcroft-Latham ductile fracture criterion and forming forces.