Type 301 is an austenitic chromium-nickel stainless steel that is available in the annealed and cold worked conditions. In the annealed condition, Type 301 offers the highest level of stretch formability of any stainless steel and in the heavily cold worked condition offers the highest strength level of any 300 series stainless steel. Type 301 is non-magnetic in the annealed condition but becomes magnetic as a result of cold working.
Type 301 is corrosion resistant in many environments, but the corrosion properties are less than that of 304/304L stainless steel. The susceptibility to carbide precipitation during welding restricts the use of Type 301 in some applications and 304L is used because of its lower carbon content for welded applications.