Copper and nitrogen containing austenitic stainless steel and fastener

A low cost austenitic stainless steel having a high work hardening rate and good ductility if drastically cold reduced, consisting essentially of, in weight percent, 0.05% maximum carbon, 1.5% to 3.0% manganese, about 0.06% maximum phosphorus, about 0.035% maximum sulfur, about 1% maximum silicon, about 15% to about 20% chromium, 3% to 4.7% nickel, 1.75% to 3% copper, 0.10% to 0.30% nitrogen, up to about 0.3% columbium, titanium, tantalum or mixtures thereof, and balance essentially iron. The steel has particular utility in fabrication of cold headed fasteners.