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Austenitic Stainless Steel

The most common grades of stainless steel the austenitic grades account for the greates proportion of steel production (Type 304 accounts for more than 50% of total world production).
The addition of nickel gives the Austenitic grades their higher corrosion resistance compared to the maretenistic and ferritic grades. 
Various others elements are added to produce further improved corrosion resistance. Type 316 - marine grade stainless steel contains up to 3% Molybdenum. 
The addition of up to 3% Nitrogen can be added to certain specialist steels to increase their strength. The strength of such alloys makes them suitable for niche applications such as power generator retaining rings, high-strength bolts and superconducting magnet housings.

Chemical Composition of Austenitic Stainless Steel