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Compound dies can be used for selected parts. They can do multiple steps even though they are single hit. Additionally, they provide excellent part flatness.
Compound dies are simpler dies, often used when the quantities of parts produced don't warrant the expense of a progressive die. Compound dies can be large or small to handle varying thicknesses of metal--big and heavy duty for thick gauge metal; smaller for components.
There is some overlap in die descriptions: there are hybrid compound dies, which can exert force on the metal in different directions, and complex compound dies, which use nitrogen cylinders.