This is a hand held tool that has a face for striking on one side of its handle and a long tapered chisel on the other. The tool is designed to be struck, driving the chisel through the hot metal. This usually done on the anvil while the piece is held in place by a hold down tool. If you are unfamiliar with these tools, I would recommend buying a basic blacksmithing book. The Edge of the Anvil by Jack Andrews is an excellent choice.
Hot cutting is another excellent use for the hydraulic forging press.
I made a hot cutter using a short piece of rail road rail. I cut off a five inch length of heavy rail on the bandsaw. Standing it on its edge, I profiled the webbing between the top of the rail and the base into a chisel edge. It sits on my large press dies and the flats serve as a stop and the cutter quickly cuts through hot steel. When you hot cut the billet, you leave a small amount of metal at the end of the cut to serve as a hinge .