Sawzall have it's place, you need a good blade and the correct size teeth (read the box), turn it on low speed and the blades last forever.
No cutting blades will cut bolts bolts are hard you really need a grinding wheel.
The blades usually have a hard time on welds too.
As for mild steel it walks right through that.
A rule of thumb when use a saw blade you always need 2 teeth engaged at any given time so if your cutting thin material like sheet metal you need the most teeth per inch as you can get like 24. (I can cut up a whole XJ with 1 or 2 blades)
If not the metal will fall between the teeth and usually rips the teeth right off.
For thick material reciprocating saws suck the shavings fill up between the teeth and then just go back and forth not allowing the teeth to touch anymore you need to keep lifting it up and cleaning out. A band saw is a lot better for this you always get a clean blade to start.
The more teeth on the thicker material the quicker they will burn up. So buy like 3 different TPI blades.
As far as a fabricating tool box sawzall is a definite must along with the die grinder, band saw, shears, torches, plasma, they all have their place.
If you use the sawzall for what it is intended for it works great.
Don't bother using it on bolts.
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