A method and apparatus for continuous, high-speed production of punched strip having an array of high-tolerance closely-spaced holes with positive ejection of waste punch-out material. A first pair of opposed rotary dies, one a female die and the other a male/female die, punches a first set of holes in a strip fed continuously between the dies, and a second pair of opposed rotary dies, one the male/female die and the other a male die, punches a second set of holes in the strip between the first set of holes, the strip being wrapped about the common male/female die during punching of the first and second sets of holes to continuously index the strip with the two opposed pairs of rotary dies to ensure production of the high-tolerance closely-spaced holes. A plurality of angular segments mounted in an annulus formed in proximity to the perimeter of the dies adapted for controlled radial travel of the angular segments during rotation of the dies, each angular segment having at least one ejector pin for radial reciprocal travel in a die recess, ejects punch-out material from the recess.