An austenitic stainless steel composition having low nickel and molybdenum and exhibiting high corrosion resistance and good formability. The austenitic stainless steel includes, in weight %, up to 0.20 C, 2.0-6.0 Mn, up to 2.0 Si, 16.0-23.0 Cr, 5.0-7.0 Ni, up to 3.0 Mo, up to 3.0 Cu, 0.1-0.35 N, up to 4.0 W, up to 0.01 B, up to 1.0 Co, iron and impurities. The austenitic stainless steel has a ferrite number less than 11 and an MD30 value less than -10°C.
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