The Chicago-Latrobe 550 series jobber length drill bit is made from cobalt steel with a gold oxide finish and has a 135-degree split point for use in general-purpose drilling applications on ferrous materials. Cobalt steel provides extended tool life compared to high-speed steel drill bits, and maintains the tool's toughness and hardness in high drilling temperatures, and the gold oxide finish acts as a lubricant and provides wear resistance. A self-centering 135-degree split point penetrates hard material without a pilot hole, and produces smaller chips that reduce clogging compared to a 118-degree point. Compared to standard drill bits, these tools have a thicker web for increased strength and rigidity. A jobber length drill bit has a versatile midrange drilling depth and is a common choice for general-purpose applications. The round shank accommodates most drill chucks.

Drill bits are cutting tools used to make holes in a range of materials using machines such as handheld portable drills, machining centers, and lathes. Drill bits come in a variety of lengths and types, the most common of which is the twist drill bit. The round, twisted shaft of the twist drill bit typically has two cutting edges and flutes. The helical twist of the flutes brings chips up and away from the cutting edges and allows for coolant to reach the cutting edges. Jobber length twist drill bits, the most common length of twist drill bit, offer a good compromise of length and reach for the widest range of materials and applications. Mechanic's length twist drill bits (also called maintenance length) are a little shorter than jobber length and less prone to deflection when drilling. Short length twist drill bits (also called stub or screw-machine length) are the shortest and stiffest twist drill bits, helping to reduce the chance of deflection or breakage when drilling. Reduced shank twist drill bits (also called Silver and Deming drill bits) have a shank that is smaller in diameter than its shaft, permitting drilling machines with a 1/4", 1/2", or 3/4" drill chuck to create large holes. Long length twist drill bits (also called taper length) are a little longer than jobber length, allowing for deeper holes and longer reach. Extra-long length twist drill bits (also called extension) are longer than long length twist drill bits for greater reach or for drilling deeper holes.

Chicago-Latrobe manufactures drill bits and accessories, reamers, countersinks, and blanks. The company, founded in 1890 and headquartered in Clemson, SC, meets International Organization for Standardization (ISO) standard 9001.