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Forget the portaband, it will take forever and your wind up cursing the thing 20 minutes into it. They seem more suited for things like chain link fence posts than this job.
Plasma is quick and easy, but if your looking for even cheaper spring for a carbide tipped sawblade.
Mount the blade in a decent wormdrive circular saw. Having said that, I've made a lot of cuts using a cheapie direct drive circ saw. These are dry cutting blades, so no need for coolant. Wear ear and eye protection.
I use Tenryu blades but there a a bunch of manufactures out there. A 7 1/4 blade is under 80 bucks and zips through steel at an incredible rate.
I' ve used my steel cutting tenryu for the better part of 2 years without any lost carbide or loss of performance. A buddy also used it to hack through some 1 1/4 inch plate before I told him it is only rated for 1/4 material.
Between a blade and a wormdrive saw your in for under a 300 investment, and both will come in handy in the future.
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