This paper presents an Economic Lot Scheduling Problem in which controllable production rates are considered. We also take into account the controllable range of production rate (i.e., maximum and minimum production rate) of each product and the mold cost which varies to the production rate. A mathematical model is developed and an iterative solution procedure is suggested. The objective of this problem is to minimize production related cost and the decision variables are common production cycle time and production rate of each product. As a case study, we adapted this model to the press machine of a company.