An austenitic, stainless steel alloy having a unique combination of machinability and a low magnetic permeability, especially in the cold worked condition, is disclosed consisting essentially of, in weight percent, about -C 0.l035 max -Mn 1.0-4.0 -Si 1.0 max -P 0.2 max -S 0.15-0.45 -Cr 16.0-20.0 -Ni 9.2-12.0 -Mo 1.5 max -Cu 0.8-2.0 -N 0.035 max -Se 0.1 max - with the balance essentially iron.
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