I used this cutter to cut 6, 4 1/2 holes in 3/16 cold rolled steel. At first, it seems to not be drilling accurate as the kerf looked like it was way to thick; however, once completed, the hole is clean and accurate. The final hole size was 4, 9/16th which is just a tad over 4 1/2 - it will work fine. This cutter is a bear to handle in steel with even a large two handed power drill and a lot of Tap-Magic cutting fluid and I found there is a happy medium on cutting speed, too slow it won't cut, too fast and it shrieks and doesn't cut to good either. I did break both of the pilot bits when the cutter broke through the steel - I simply replaced the pilot with an equally sized titanium bit and it worked fine.
Rating:
[4 of 5 Stars!]