I needed to widen a hole in 1/4" steel, kept flooding the cutter with oil which I used in my drill press and it cut like butter, I did not use the drill bit that came with it since I was widening an existing hole. I measured an 1/8" on the outside lip of the existing hole and and marked it and just adjusted the press table to come down on my marks. I have other hole cutter bits that I paid twice the amount for and this one is just as good if not even better. Cutting steel can be tricky if you have little to no experience, and I have to believe the negative reviews I have seen reflect that.
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