Metal working Question cutting oval hole

[Michael Simpson Virgina]

I need to cut an oval hole about 3/8" x 3/4" in 1/4" steel. This is so I can make an adjustable bolt.

Normaly in wood or aluminum I would drill a couple holes next to each other then drill out the center. This does not work in steel as the bit catches and pulls the chuck out of my drill press. (piece of junk Powermatic 2800)

Any sugestions?

[Bruce Page]

Easy to do on a milling machine but no so easy on a drill press. You might be able to nibble it out if you have a milling vise and end mill. If not, you can drill the two outboard holes and remove the center using a saber saw and/or file.
I assume by oval you mean elongated.