High speed steel annular cutters are good for general use drilling of large diameter holes in low and medium carbon steel. Used in conjunction with a magnetic drill press, holes are drilled more than 400% faster compared to a conventional twist drill. Annular cutters drill faster and more efficiently as they remove the material around the OD of the hole, leaving a solid core, or plug that is ejected from the cutter via a spring loaded pin in the drill's arbor. Less material removed equals faster drilling and longer tool life. The Plus 20 surface treatment increases lubricity providing cleaner cuts, positive slug ejection, and longer tool life.