A method of forming a powder metal forging, including the steps of: forming a preform including a sintered powder metal composition; inserting the preform in a die set having a bottom die and a top die, the die set defining a forge form therewithin, the die set being in a closed position wherein the top die is contacting the bottom die; and compressing the preform in the forge form using an upper punch and a lower punch, the compressing step resulting in a formed part. The closed die set minimizes or eliminates flash in the formed part, particularly in the contoured surfaces, which allows the forging to be through hardened by direct quenching after the forging operation, without the need to remove hardened flash from these surfaces.