Sanjuro is correct.
Dremel, jigsaw, or holesaw.
With either of them, you will want it held down tightly, especially with the holesaw. Also, with the holesaw, put a piece of wood under the metal to aid in stability while drilling.
Holesaw is best due to being the quickest & easiest & the nicest result (as long as it's clamped down well).
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