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 usedβ¦