In this paper, a new looper controller is proposed to minimize the tension variation of a strip in the hot strip finishing mill. The proposed control technology is based on a receding horizon control (RHC) to satisfy the constraints on the control input/state variables. The finite terminal weighting matrix is used instead of the terminal equality constraint. The closed loop stability of the RHC for the looper system is analyzed to guarantee the monotonicity of the optimal cost. Furthermore, the RHC is combined with a 4SID(Subspace-based State Space System Identification) model identifier to improve the robustness for the parameter variation and the disturbance of an actuator. As a result, it is shown through a computer simulation that the proposed control scheme satisfies the given constraints on the control inputs and states: roll speed, looper current, unit tension, and looper angle. The control scheme also diminishes the tension variation for the parameter variation and the disturbance as well.