Exactly as mete stated. Also let me add this, a cold chisel in my experience makes for a poor hole splitter. They take a great deal more force to get them though hot steel and then have a tendency to make a nasty hole that usually gets really messed up when you drive the drift in. My experience is to use a piece of 1/4" x 1" 5160 or something similar. Grind in your chisel tip then harden and draw it. Then when splitting, grease it really good with axel grease, this will help keep it a little cooler. It will still get super hot and distorted to where you will have to probably regrind it a time or 2 before you get the hole punched (depending on the steel thickness your punching), but it will go though a lot easier and cleaner then a big cold chisel. Hawk holes are the hardest part when it comes to making hawks, so good luck and keep the splitting piece at welding heats. Patience is the key.
Bill