It can be difficult and time-consuming when trying to manoeuvre large pieces of steel into position to a stationary drill. A magnetic drill is portable, allowing you to take the drill to the workpiece. The drill bit then is a specialised drill bit for drilling holes into steel or similar steels. Also named as an Annular cutter, magnetic drill bits cut faster, last longer and produce a better finish compared to a conventional metal drill. Types of Magnetic drill bitsHSS Bit – This is the most popular cutter, used in a variety of applications on Steels, Aluminium and Stainless SteelTin Coated HSS Bit – The prowess of an HSS cutter, but the coating offers the cutter better performance against harder steels.Carbide Tip Bit – Carbide provides a longer tool life against harder or abrasive materials. These cutting bits can work with a higher RPM than HSS drill bits.