A bit of both. I'd say that just stating "stock removal" is closest to accurate. When I forge, I do so to thin out or shape a piece of steel for grinding, mostly.
Things like the rebar knives are, of course "forged" in the sense that I'm making something round into a blade shape, but I forge to "20-40%" rather than forgin to 90% like many of the smiths who are considered high quality in the forging circles.