I think what you're asking for is the cylinder diameter to punch out a part using a punch and die. Look in the Metals Handbook or Machinery's Handbook for more information. If you're designing tooling you are going to have a lot to learn.
Multiply the perimeter, P, of the cut piece by the material thickness,t, to get the area to be blanked. Multiply this by 0.8 (to get the shear strength for mild steel only) x ultimate tensile strength for mild steel (approximately 60,000 psi) to get the force required.
So, P x t x 0.8 x 60,000 = force
Since area = force/pressure and area = (pi x diameter^2)/4, then
Diameter = sqrt[(4 x force)/(pi x pressure)]
Also allow yourself a factor of safety of 1.5 or more in your force calculations.