A satellite that rotates around the axis of symmetry is considered. A rotor is installed to compensate the angular momentum of the rotating body. Magnetic attitude control system is utilized to provide the stabilization of the rotation axis along the velocity vector on the circular orbit. Control algorithms are proposed that ensure the equilibrium position for the required attitude and its asymptotic stability in the semi-fixed reference frame. Control implementation issues are discussed, including the inherent problems of the magnetic control and the transition to the satellite-fixed reference frame. Numerical simulation is performed for the TNS satellite, which is very far from axisymmetrical. Fast rotation of the satellite around the velocity vector is proved to be achievable with the magnetic control despite the different disturbance sources.