In finite element simulations of high speed sheet metal forming processes the contact between workpiece and forming tools has to be modeled very carefully. Several important aspects have to be taken into account. Robust and locking-free finite element formulations are required to model the sheet forming process, the die has to be considered as a deformable component, and the description of the contact constraints between workpiece and forming tools is a significant source of shortcomings in modeling. The contact and impact simulation makes high demands on the robustness of finite element formulations. For this reason finite elements with low order ansatz functions are preferred. Furthermore, they prove to be advantageous when automatic meshing tools are applied. To overcome the undesired effects of locking we work with an improved version of the innovative solid-shell concept proposed by [11]. It is based on the concept of reduced integration with hourglass stabilization. The use of this solid-shell finite element allows us to test the influence of the modeling of the die and the contact constraints in a very efficient way. An overview of so-called macro and micro deformations of forming tools in sheet metal forming simulations can be found in [8]. We show that the deformation of the die has a noticeable influence in electromagnetic sheet metal forming. However, in most commercial finite element codes taking into account elastically deformable forming tools requires a full finite element discretization of the die which leads to very high computational effort. Therefore users often assume the tools as being rigid and apply node-based spring-dashpot systems to improve the modeling of the interaction between sheet metal and die. But also in this case local interactions cannot be taken into account realistically. As a possible remedy we investigate a fully elastic description of the forming tools in combination with model reduction techniques. These significantly reduce the number of degrees-of-freedom in the finite element simulation. For this reason we present different alternatives of this technique