The authors present a new ring rolling variant that combines a semi-warm forming process of a bearing ring with controlled cooling directly followed by a cold forming process. The aim is to produce near net shape rings with a selected microstructure and high strength without additional consecutive heat treatment. To achieve this, a new and fast control strategy is necessary that not only controls the geometrical forming of the ring, but also considers temperature development and microstructure formation. The proposed control strategy is based on the application of a fast semi-analytical simulation model with a very short response time in combination with a FE-analysis of the thermomechanical ring rolling process. The semi-analytical model is used as a predictor and a parallel FEA or experimental results as a corrector for the control model. The aim is to correctly identify transient process parameters needed to achieve defined product properties as a basis for a later implementation in a non-linear model-predictive-control of thermomechanical ring rolling. The new approach will be described in detail and demonstrated numerically and experimentally.