316 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 316 composition.The following is the chemical composition of austenitic, non-magnetic stainless steel 201. It is composed of chromium (16% - 18%) and nickel (3.5% - 5.5%).