A forging die and process suitable for producing large forgings, including turbine disks and other rotating components of power-generating gas turbine engines, using billets formed by powder metallurgy. The forging die includes a backplate, and segments arranged in a radial pattern about a region on a surface of the backplate. Each segment has a backside facing the backplate and an interface surface facing away from the backplate, with the interface surface being adapted to engage the billet during forging. The segments are physically coupled to the surface of the backplate in a manner that enables radial movement of the segments relative to the backplate.