Stainless steel grade 304 is generally considered the most common austenitic stainless steel. It contains a high nickel content, typically between 8 and 10.5 percent by weight, and a high chromium content of about 18 to 20 percent by weight. Other major alloying elements include manganese, silicon, and carbon. The rest of the chemical composition is primarily iron.

The high levels of chromium and nickel provide excellent corrosion resistance to stainless steel 304.