This paper presents a numerical analysis of a new cold forming process for a hollow part with an external flange. The following techniques were used: forward extrusion, an unconventional method of extrusion with a moving sleeve, and upsetting in a tapered die cavity. The billet (42CrMo4 steel tube) was formed at ambient temperature. The study aimed to investigate the proposed method in terms of forged part accuracy. The following are examined and discussed: material flow, process force parameters in relation to tool strength, energy consumption of individual operations, as well as the distributions of strains, stresses, temperature and Cockcroft-Latham integrals in the produced part. The study has confirmed that hollow forged parts with external flanges of relatively large diameters and heights can be cold formed in several operations using different techniques.