A vertical accumulator for use in a sheet metal unwinding, slitting and rewinding operation accumulates the slack created in the plurality of strips cut from an initial wide coil so that the proper tension can be maintained on the individual strips being rewound. The accumulator includes an elongated mandrel mounted for rotation about a horizontal axis parallel to the axis of the original sheet metal coil and is arranged such that all of the plurality of cut strips pass over the top of the mandrel. The mandrel is located above the height of the coil and above the height of the slitter and the rewound individual strips. A plurality of disks mounted on the mandrel separate the cut strips from each other. Upwardly extending threaded rotatable rods located on either side of the sheet metal strips carry holders that releasably support the mandrel. Rotation of the rods causes the holders to move up or down to thereby adjust the height of the mandrel.