Stainless steel (304 & 316) is a ferrous steel alloy which has a minimum of 10.5% chromium and is not magnetic. It does not rust, stain or corrode like ordinary steel does. The volume of chromium in the stainless steel effects how resistant it is to corrosion. Stainless steel will contain anywhere from 13% to 26% of chromium when the metal is purposely mixed for corrosion resistance.
Recently some stainless steel (404 & 414) is being manufactured with palladium instead of chromium. This results in a more cost effective stainless steel which has magnetic properties (non-ferrous), however lacks the level of corrosion resistance you get with 304 & 316 stainless steel.
According to some international studies, the average volume of stainless steel in use per capita is 80 – 100 kg in developed countries. This means there could be hundreds of KG of stainless steel around your house right now!
On top of this, stainless steel is 100% recyclable and 60% of an average stainless steel item is recycled material. Recycling stainless steel is an essential part of the supply chain and by recycling your scrap you are helping reduce the impact on the environment.