This article presents a new multi-functional mill of a new design. The main technical characteristics of the mill is its ability to reduce the diameter of the working rolls in the direction of rolling and to provide the rotation of working rolls through the bearing stand with the five gear motors of 15 kW. Technical characteristics of projected multi-functional mill allow producing the hot-rolled and cold-rolled thin strips of steel and alloys, copper strips of thickness of less than 1 mm, titanium and aluminum sheets of thickness of 2-0.5 mm, and silver strips of thickness of less than 2 mm; it also provides rolling from the precious metals, etc. The stress-strain state of heavily loaded components of the proposed mill is calculated by using APMW in Machine (HASP) software. It is proved that the magnitude of elastic deformation and displacement of the mill rolls is small while rolling in the new mill. It is also proved by the conducted research that sufficiently high rigidity of rolls of the mill stands and the equivalent stresses arising in the rolls do not exceed the maximum allowed value of the ultimate strength for the material. The patterns of the change in the microstructure of the steel A1 during the physical simulation of rolling and cooling on new longitudinal wedge mill and outgoing roller table have been investigated in this article with the use of modern high-precision equipment Gleeble 3500. The conditions of the steel A1 during a multi-stage compression at different temperatures and strain rates have been described from the single position. The analysis of influence of the temperature modes of cooling on the microstructure of the steel A1 during the transportation at new outgoing table has been conducted. The kinetics of growth and decomposition of austenite has been considered, and the conditions of ultrafine-grained structure formation have been marked.