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The effect of hydrostatic extrusion (HE) on the microstructure, uniform corrosion, and susceptibility to a localized attack of 316L stainless steel was studied. Both qualitative and quantitative analyses of inclusions before and after HE were carried out. The multiplication of non-metallic inclusions after HE lowered the stability of the passive film over a broad range of pH, while refinement of the matrix had a minor effect on it. The refined materials were prone to metastable pitting, but their pitting corrosion resistance was improved.