Apparatus for converting particulate metallic matter into a billet or a forged article in which the material is fed in measured quantity from a hopper to a furnace for outgassing and other heat treatment and thence to a press in which the particulate material is compacted into a container or mold to form either a billet or forged article. When the billet is formed, the press also applies a cover to the container to keep the material free of contamination until a later heat treatment or forging operation. Mechanism is provided for removing the completed billet or mold from the press and insertion of a new container.