A unique method of hot rolling is described which fabricates high performance plate‐shaped magnets from a cast Pr17Fe76.5B5Cu1.5alloy. A flat ingot of the alloy with fine‐scale columnar grains of a Pr2Fe14B phase is prepared by chill casting. The ingot is hot rolled in such a way that the roll pressure is applied perpendicular to the preferential growth direction of the columnar grains. A maximum energy product of 25.3 MG Oe has been obtained by this method.