316L Stainless Steel Strip is an austenitic chromium-nickel-manganese stainless steel developed in the 1950s as a result of global nickel shortages. Manganese and nitrogen are partially substituted for nickel in the Type 316L composition.The following is the chemical composition of austenitic, non-magnetic stainless steel 316L. It is composed of chromium (16% - 18%) and nickel (3.5% - 5.5%). It has a higher manganese (5.5%-7.5%) and nitrogen content.