I had a very cheap version of this tool (not of this brand) many, many years ago and it was totally worthless, fit only for the garbage can. So when I ordered this step drill in an attempt to cut a 1 1/8" hole in mild steel, my expectations were not high.  But I was absolutely wrong.  This little beauty drilled four holes through 3/16" thick steel and looks as if it was still brand new and untouched!!  I'm very impressed and would recommend it, especially for use in a drill press.