Yep, basically. They take a flat disk of carbon steel and mount it up on a lathe. They then start spinning it and take a tool (usually wooden) and start to deform the plate into the shape of the wok using simple pressure. The result works quite well, and the small concentric indented lines created in the process helps to hold food up on the side of the wok while cooking when you want to get it up away from the hottest parts.
ETA: There used to be a video of this floating around somewhere. I'll see if I can find it.