Type 304 stainless steel is a basic chromium-nickel austenitic stainless steel that is suitable for a wide range of applications. Type 316 stainless steel, on the other hand, offers more corrosion resistance than Type 304 due to the addition of molybdenum and a higher nickel content. This makes Type 316 stainless steel more desirable in heavy industrial and marine environments where there is a higher risk of pitting and crevice corrosion from chlorides.