A series of ring compression tests using BS970:708M40 alloy steel samples were studied. These tests were conducted using a 2-factor soak-temperature variable, namely 1030 °C and 1300 °C, and a 4-factor lubricant variable consisting of unlubricated samples, synthetic water-based, graphite water-based, and graphite and molybdenum disulphide viscous grease. The lubricant agents were all applied to the tool/billet interface. Process variables such as blow force and heating were controlled with the use of a gravitationally operated drop hammer and an automated programmable induction-heating unit. This matrix of the experimental parameters offered a sound base for exploring dominant factors impacting upon bulk deformation. This deformation was measured using fully calibrated equipment and then systematically recorded. A finite element modelling framework was developed to further improve the thermo-mechanical deformation process understanding, with finite element (FE) predictions validated through experimental measurement. Through the combined experimental and FE work, it was shown that temperature variation in the experimental parameter matrix played a larger role in determining deformation than the lubrication agent. Additionally, the use of synthetic and graphite water-based lubricants does not necessarily produce greater deformation when used in high-temperature forgings due to the lubricants breaking down, evaporating, or inducing rapid billet cooling as a result of the carrier used (water). Graphite-molybdenum disulphate grease far outperforms the other lubricants used in this trial in reducing friction and allowing deformation to occur across a die-face.