A method of controlling the spacing between a material forming punch and a complemental die includes advancing a punch shell and a pressure sleeve into engagement with the material and holding the material with the sleeve and blanking it with the punch shell. The material is then preliminarily formed by clamping the periphery between the pressure sleeve and a die core ring and advancing a punch core past the top of the die core ring and clamping the material against a die core to establish the desired dimension. The material is then finally formed by further advancement of the punch core with the die core and die core ring moving together. The apparatus includes a die core and die core ring which are concentrically arranged and independently supported but movable into engagement with each other after a predetermined amount of travel so as to move together through any further travel caused by movement of a punch core against the die core.