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Forstner. bit - ø 2 3/4'. . High-Speed. Steel. The Forstner bit is optimized for woodworking applications to cut. exceptionally precise with a minimum amount of tear-out. The bit is ideal for drilling flat-bottomed holes for many. hardware installations. The Forstner bit is guided by the wide outside rim, whereas other wood. drill bits are guided by the tip. For this reason, the drill bit can be used. with a drill press to drill angled or partially overlapped holes. .