Split the values

Shell Programming and Scripting
1 
ABC|DFE
HYK|YUI

is the contents in file.

I am using the for loop for

for value_list in `cat ./file` ;
do
echo $value_list
cat use_firstvalue > second_value
done

I have to split the based on '|' and it should be used as a varaible in the cat command. How to do that. Please help me out

2 
while IFS='|' && read one two
do
     cat $one > $two
done
3

try with this...

while read line
do
   campo1=$(echo $line |cut -d"|" -f1)
   campo2=$(echo $line |cut -d"|" -f2)

echo $campo1 --- $campo2
done < FILE_IN
4

Something like this:

 
awk -F"|" '{ print "cat "$1 "> "$2 }' input_file | sh