[How do I?] Will this cut mild steel?

IMO I believe that the carbide used on wood router bits is about a C-2 grade, which would / does work for aluminum and mild steel, (1018), running about 300 s.f.p.m. and probably about .002“ chip load per tooth.
 
I had no idea you could use router bits for doing operations like that. I have drawers of router bits, since I have been woodworking for about 30 years.
Seems like the RPM is quite low and the DOC is also shallow. Any idea what you were running for that cut?

RPM is quite low compared to a router. I calculated the appropriate rpm for the maximum diameter of the cutter (1 in.) with HSS and roughly doubled it to 660 rpm. DOC was the full cut (1/4 Rad.) in one pass. Feed was deliberately slow to preserve the cutter and get the best finish. It produced a very nice finish with no noticeable wear on the cutter. The transitions (from x to y feed) in the corners were perfect. MUCH better (and cheaper) than a HSS radius cutter intended for metal.
 
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