I saw some steel plates that I really liked that were cheap just a few weeks ago. They covered them with a rubber coating (similar to the Rhino Linings) that kept the bullet fragments from splashing on you, but I can't find their site again to save my life (pun intended).
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I've seen lots of people try and fail to come up with something to catch or direct the fragments away from the user including every type of bedliner known to man. At this point I'd never wear steel, however, I am curious what they came up with that works.