The progressive stamping is used in all sorts of industries. For example: this photo shows high power transistor driver devices like the ones used for stepper motor or DC motors.
They start out with the semiconductor die being bonded to the metal lead frame. The pins of the frame are all connected together by what is called a danbar. That's to prevent the surges from the spot welding which welds the gold wires from the frame pins to the Integrated Circuit (IC) pads.
Next the lead frame goes to the molding division where the plastic is injection molded around the IC sections creating the body of the IC.
Finally we get to the TRIM & FORM machine. Simple in this case since there isn't any bending being done on the ICs. On each punch cycle a certain amount of lead frame material is punched away. The the frame is moved to the next station and the flywheel press sends down the tool into the die again. Often one tool has several stations. Other times the lead frame is moved from press to press on a track.
At the very end the separation tool punches the last few bits of metal away and the devices are slid into an anti-static tube.
So in this photo the 5th from the left has half the danbar removed. Next the other half of the danbar on the alternate pins and the blocks between. The last one, if this weren't a screwed up frame, would have the bottom of the leads trimmed from the lead frame.
The tools and dies are formed with wire EDM