The current study introduces a method for manufacturing steel–aluminum bearing bushings by compound forging. To study the process, cylindrical bimetal workpieces consisting of steel AISI 4820 (1.7147, 20MnCr5) in the internal diameter and aluminum 6082 (3.2315, AlSi1MgMn) in the external diameter were used. The forming of compounds consisting of dissimilar materials is challenging due to their different thermophysical and mechanical properties. The specific heating concept discussed in this article was developed in order to achieve sufficient formability for both materials simultaneously. By means of tailored heating, the bimetal workpieces were successfully formed to a bearing bushing geometry using two different strategies with different heating durations. A metallurgical bond without any forging defects, e.g., gaps and cracks, was observed in areas of high deformation. The steel–aluminum interface was subsequently examined by optical microscopy, scanning electron microscopy (SEM) and energy dispersive spectroscopy (EDS). It was found that the examined forming process, which utilized steel–aluminum workpieces having no metallurgical bond prior to forming, led to the formation of insular intermetallic phases along the joining zone with a maximum thickness of approximately 5–7 µm. The results of the EDS analysis indicated a prevailing FexAly phase in the resulting intermetallic layer.