HSS bits are best sharpened using a bench grinder. The trick is to ensure that the back edge is ground a little more than the cutting edge. Ensuring the cutting edge meets the metal rather that the bit riding on the non cutting surface and just polishing the metal. Ensure that both sides are ground evenly and that the original angle of the drill is maintained. Practise on some old bits before sharpening any expensive bits.
On a grinder.
Hss drill bits, Titanium coated drill bits and brad point drill bits.
HSS bits, Brad bits and masonry bits.
I have worked with tools over 40 years and never seen an iron drill bit. Most common drill bits are HSS -High Speed Steel.
High Speed Steel aka HSS
You use a standard HSS bit for mild steel.
Coated carbide is the best. Uncoated is next.
Hundreds of types of metal drill bits are made. The most common are HSS (high speed steel) bits for everyday drilling of woods and plastics. There are carbide and tungsten coated bits for drilling metals and diamond tipped bits for drilling tile and stone and many other types.
There is a way to sharpen them on a grinder. It takes some time to learn the technique, but I believe there will be videos showing this on Youtube. You can also but an automatic drill sharpener These are sold in stores like Rona and Home Depot.
Many people sharpen their drill bits on a grinder. It's tricky to describe how and I'd advise asking an expert to actually show you, or second best, look at some Youtube videos on the subject.
A common HSS drill bit.
HSS bits or Carbide bits will do fine
HCS is High Carbon Steel, much harder than High speed steel, and better for drilling into hard metals.