Stainless steels are among the most important engineering materials, finding their principal scope in industry, specifically in cutlery, food production, storage, architecture, medical equipment, etc. Austenitic stainless steels form the largest sub-category of stainless steels having as the main building blocks the paramagnetic substitutional disordered Fe-Cr-Ni-based alloys. Because of that, austenitic steels represent the primary choice for non-magnetic engineering materials. The presence of the chemical and magnetic disorder hindered any previous attempt to calculate the fundamental electronic, structural and mechanical properties of austenitic stainless steels from first-principles theories. Our ability to reach an ab initio atomistic level approach in this exciting field has become possible by the Exact Muffin-Tin Orbitals (EMTO) method. This method, in combination with the coherent potential approximation, has proved an accurate tool in the description of the concentrated random alloys. Using the EMTO method, we presented an insight to the electronic and magnetic structure, and micromechanical properties of austenitic stainless steel alloys. In the present contribution, we will discuss the role of magnetism on the stacking fault energies and elastic properties of paramagnetic Fe-based alloys.