If you change that to inexpensive light duty screw extractor you have it. These extractors require you to drill a hole and then tap in the extractor and twist the broken screw out. They come in two styles, the one pictured and another type which is simply a hardened tapering square shaft. Newer versions of this tool feature a built in drill bit so its a one step process. The heavy duty version is made by Rep's, and come in all screw and bolt sizes. They use the two step drill/twist out method.
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