Stainless Type 316 is a standard molybdenum-bearing austenitic stainless steel grade. It is austenitic, nonmagnetic, and thermally non hardenable. The alloying element of molybdenum gives type 316 more corrosion resistance than type 304 stainless steel. It is especially resistant to pitting and crevice corrosion in chemical, salt and acidic environments. Additionally it is more resistant to marine environment due to the molybdenum. It has excellent welding and forming characteristics. The austenitic structure of this steel gives it excellent toughness. Stainless 316 has a yield strength .2% offset is 30,000psi, tensile strength 80,000psi and elongation is 50%. This type of stainless steel is widely used where metal is exposed to harsh corrosive effects like those found in the textile, pharmaceutical and chemical industries. It is also used for shafts, forged parts, nuclear, aerospace and aviation industries.