Finally biting the bullet and getting a magnetic drill, I'm slowly buying core drills as needed. The first few I bought were Jancy Sluggers but I decided to give them a try as they are also very expensive and a bit cheaper. pain (and usually expensive). I used a store bought 1/2 plate multi-drill cutter (4 plates, so 2" each, and yes I have a 2" depth cutter). The cutter worked very well, no chipping or even discoloration on the teeth even after drilling a total of 16 inches of steel. I used cutting fluid (and yes it's a must if you're unfamiliar with machine tools), nothing fancy, just a general purpose cutting oil I had on hand. Note: If you're drilling in a group like me, you'll have to remove the plugs from each layer as you go, the last part of the cut always stays on the workpiece and it won't cut. if it rotates in the hole, it's not the cutter, you really can't prevent that with core drills. I am very happy with these cutters and will look at them more often when I need them. .