An apparatus and method for piercing a hole in a work piece suitable for hydroforming applications is provided. The apparatus includes first and second die portions forming a die cavity for the work piece. Each die includes a punch cavity generally perpendicular to the work piece. One of the punch cavities has a slug capturing area. A punch with an angular cutting face can be moved within a cross passage created by the punch cavities to impact the work piece. The angular cutting face of the punch has a larger surface area than the punch body, which results in expanding slugs pierced from the work piece. The slug capturing area is configured with a cross-sectional area smaller than the surface area of the angular cutting face.