A new PM/HIP alloy, NCORR, has been developed for oil and gas subsea components. This non-magnetic nitrogen strengthened austenitic stainless steel exhibits superior strength and exceptional ductility when compared with currently used duplex stainless steels. More importantly, NCORR is totally resistant to hydrogen embrittlement in the annealed condition and has excellent resistance to crevice and pitting corrosion with a PREN number of 50. While applicable to subsea components, the alloy can also be used on other applications requiring high strength achieved by cold working. Manufactured by powder metallurgy and hot isostatic pressing technology, data will be presented demonstrating the superior capabilities of this alloy. Material can be provided as PM/HIP near net shapes or alternatively as billet, bar or wire.