Is there any formula for calculating slitting &shearing clearance relating to metal thickness ?
Regarding shears, you can break them if they are too close or too far. There is no real formula, as it depends on the type of machine, the type of metal, the condition of the shear edges. Thickness of metal is a big part, but all of those other things need to be noticed as well. Generally, a thinner metal needs shear tolerances greater than a thicker piece. If you change it for the thick piece, you must return it for the thin. Or else, the thin piece will get bent, and caught in a vertical position, between the shear blades, prying them in an unnatural manner that can lead to chipping or breaking.