Stainless steel alloy 304 is an extremely popular low-cost alloy, ideal for parts that require forming or welding. It has excellent corrosion, oxidation, and heat resistance and is the most weldable of any steel alloy. 304 is not magnetic. It is excellent for welding and produces tough and ductile welds. 304 does not respond to heat treatment, but can be cold worked to increase tensile strength and hardness. Annealing is recommended after forging and cold working.