When I was running advanced programs for General Dynamics, we were using these things on a small scale. The ballistics are awesome. We couldn't get EM guns to that velocity at the time, so we used progressive powder charges in a single barrel. Shot tiny pellets at 10,000 FPS +. Projectile about the size of an airgun pellet at that velocity would blow grapefruit sized craters in blocks of steel. All about kinetic energy transfer. The steel that sprayed out was melted spall...
BTW, some of the projectiles used in these things aren't steel, DU or Tungston... but are things like Lexan or composites. It's about velocity, not the material....
These kinds of railguns and hyper-velocity projectiles are some serious pieces of kit. But the power management for an EM railgun makes handheld versions something of a pipe dream. For now.
Cheers,
Sirhr