Review on High-Performance EZARC Carbide Hole Saw For Cutting Stainless Steel And Sheet Metal - 1-1/8" (29Mm) Hole Cutter by Greg Muin

I've cut over 5 dozen holes in 1.5mm steel cover plates for Neutrik XLR (and other) panel mount connectors. Check the manual that comes with it and be sure to set the speed appropriately. Use oil when needed. Don't force it - it's not exceptionally fast at cutting, but if you let it cut at a reasonable speed it'll work fine.I'm amazed at the quality of the product given how low the price is. It's still plenty sharp, and the spring mechanism never fails to eject the cutout piece when the hole is done.