nACo Blue Coated Annular Cutters provides prolonged tool life compared to traditional HSS. Cuts difficult materials, including steel, cast iron, heated and stainless steels. m2 High Speed Steel. Cuts only necessary material for fast, efficient, quality hole making. 3/4" Weldon Shank fits most magnetic drill presses. Also called magnetic drills or mag drills. For use with magnetic drill press only. Do not use with a standard hand drill or drill press. Comes with pilot pin.