Abstract: The slide of a multiple station metalworking press is provided with a plurality of punches mounted on the slide for movement therewith and including one punch which is extendable and retractable relative to the slide in the direction of slide movement. The extendable and retractable punch is hydraulically actuated during reciprocating movement of the slide and is so actuated by a fluid pumping arrangement responsive to slide movement. As the slide moves downwardly toward the press bed the one punch is extended relative to the slide. Similarly, during movement of the slide away from the bed the one punch is retracted relative to the slide. Accordingly, the extendable and retractable punch has a stroke longer than that of the slide by the amount of extension of the punch relative to the slide.