Abstract: An austenitic, paramagnetic and corrosion-resistant material, particularly in media with high chloride concentrations, the material having high strength, yield strength, and ductility, including carbon, silicon, chromium, manganese, nitrogen, and optionally, nickel, molybdenum, copper, boron, and carbide-forming elements. The material is preferably substantially completely austenitic. A process utilizing alloying technology that includes a deformation and synergistically results in production of a ferrite-free material that is reliably paramagnetic, is corrosion-resistant, and has high yield strength, strength, and ductility. The material can be very beneficially used, for example, in connection with oil field technology, such as for bore rods and drilling string components as well as for precision-forged components, and for high strength attachment and connection elements.