The invention relates to a rolling mill, especially a swage rolling mill for heated operation, said rolling mill being provided with a pair of cylinders (3, 4) which are vertically arranged with the central axes thereof (5), can be adjusted in relation to each other, and are connected to at least one rotating drive (8) by means of cardan shafts (6; 7). The aim of the invention is to render the adjustment of the cylinders more favorable with lower displaced masses, to reduce friction and to improve lever arm relations. To this end, the rotating drive (8) for both cylinders (3; 4) is fixed beneath the mill floor level (2) and is respectively connected to a fixed gearbox (9) and the cardan shaft (6, 7) in a driving manner.