A method includes the sequential steps of compacting a powder metal in a tool and die set using a compaction press to form a powder metal compact, ejecting the powder metal compact from the tool and die set, positioning the powder metal compact relative to another part, and cooling the powder metal compact. When the powder metal is compacted, a temperature of the powder metal used to form the powder metal compact increases relative to ambient temperature due to deformation of the powder metal during compacting. After ejection and while the powder metal compact is still above ambient temperature, the compact is positioned relative to the other part. Then, upon the cooling of the powder metal compact, the powder metal compact dimensionally shrinks to form an interference fit between the powder metal compact and the other part thereby forming the composite component, which may be subsequently sintered.