Yes, then there is no problem, just bang the hole saw through, but if it turns out to be a higher carbon steel and you try to cool it down it's too late, it's then hardened and the only way to soften it will be to heat to cherry red and let it cool slowly, not easily achieved if hull has any lining or insulation etc. I've seen people struggle with drilling steel hulls, starting easy but the steel getting progressively harder. I've also seen others with the same soft steel as ours struggling with, probably blunt, hole saws and various coolants taking ages to get through whereas I just used the saw dry and drilled through very quickly with lot's of pressure, used the same saw over and over again and it stayed sharp as when new.
Steel needs to be identified first.