Upset forging is a forging process that increases the diameter of a workpiece like wire or rod by compressing its length using high-speed machines, with standard machines using split dies containing multiple cavities. The process involves the dies opening to move the workpiece between cavities, then closing as a ram moves against the workpiece to upset it into the cavity shape, allowing finished parts to be produced on each cycle for mass production of items like engine valves, bolts, and screws.