Okay, just for academics, giggles, and squirts...
Steel does not compress prior to getting longer. The volume of a piece of steel stays constant. You can stretch it and simultaneously make it thinner. You can squish it and simultaneously make it fatter. But you can't move the atoms any closer together by physical force.
Steel will indeed change shape permanently if enough stress is applied. Stress required to cause permanent deformation is inversely proportional to temperature. For most steels, there is a temperature point called the "transformation temperature" where the graph takes a sharp bend - the steel gets a lot easier to work all of a sudden.
If you can find a copy (through inter-library loan or otherwise) of Metals Handbook 8th edition, volume 4 or volume 5 or Metals Handbook 9th edition, volume 14, do so. These will show you exactly how industry has used presses, open die hammers, or closed die hammers.