Guys and Gals, I own two manhole covers. .50 BMG blasts right through, no problem. .308 can blast right through. Several hits in the same spot with .223 will go through.
Manhole covers are strong, but brittle. Part of their strength comes from crenulations that act as ribbing. That means the cover is not uniformly thick.
Of course, my manhole covers are only the 20 or 24" diameter variety and so only about 1.5" thick. Bigger covers will be thicker, but .50 BMG will pass through. AP .50 BMG will go through a 3" thick manhole cover like butter.
Given their poor target quality, I now use my two manhole covers to mark shooting positions.
And no, I didn't steel my manhole covers. There actually a foundry about 40 miles from here that makes them. It is in Irving, Texas.