A method for hot stamping an iron based component in which the component is heated to a temperature sufficient to transform the component into austenite. The heated component is then positioned in an open stamping die and the stamping die is closed to mechanically change the shape of the heated component to a desired end shape of the component. At least one opening is punched in the heated component and, thereafter, the component is quenched at a rate and to a temperature sufficient to transform the component into martensite.