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In this paper, a numerical model for predicting the working parameters of the cold rolling mill process in full film lubrication is presented. The model is useful from an industrial point of view, because it can forecast the thickness reduction of the metal sheet and the pressure trend, so that the rolling mill process parameters can be regulated to obtain a specific output thickness. Experimental tests were performed, and results are compared to the theoretical ones resulting from the model. The novelty of the proposed model is that it combines Orowan’s theory for the plastic deformation analysis with the Reynolds equation in full film lubrication and the continuity conditions. The lubricant flow and viscosity are studied, taking in account their dependence on pressure and temperature. The proposed model describing the full film regime is also compared to another one, previously proposed by the authors, based on the well-known slab analysis and sharing with it the representation of the lubrication regime, the mathematical procedure, and the boundary conditions. The results show that the proposed model provides a better prediction of the working parameters with respect to the model based on the slab analysis.