I have the exact saw you pictured. It WILL cut 1/2" steel plate .... but the second the blade starts to dull everything goes to hell in a handbag real fast. Once you dull the blade a little, it goes from "kinda sharp" to scrap in a hurry. The Milwaukee blades are like $90 and will cut 1/2" but all the aftermarket blades specify 3/16" or 1/4" or less. Even the Lenox blade tells you 1/4" or less ( I called).
For thin plate they are great.... Angle, channel, tube etc etc it works great, but if you are buying it for plate you may be dissapointed in the blade life.
I have one "like new" that I will sell cheap!