Abstract: The alloys of the present invention provide austenitic, paramagnetic materials with high strength, ductility, and yield strength and good corrosion resistance in media with high chloride concentrations. Alloys of the present invention were developed because of the need by oilfield industries for superior materials. The alloys of the present invention may be used in drilling string components, and the tests performed demonstrate that such alloys exhibit properties balanced for very high yield strength, magnetic permeability, and corrosion resistance superior in every respect to presently available paramagnetic, high strength, corrosion resistant austenitic stainless steels.