304 stainless steel is an affordable stainless steel alloy that has most of the properties you choose stainless steel for. You can weld it with little difficulty as it is quite malleable. However, it is also strong, hardy and resistant to corrosion. This type of stainless steel does not stand up as well to saltwater as others, so is not typically used for off-shore applications or other situations where coming into contact with saltwater is likely. Due to its economy, workability and resistances, though, it is quite popular for applications like machine parts.