  We here show by first principles theory that it is possible to achieve a
structural and magnetic phase transition in common steel alloys like
Fe$_{85}$Cr$_{15}$, by alloying with Ni or Mn. The predicted phase transition
is from the ferromagnetic body centered cubic (bcc) phase to the paramagnetic
face centered cubic (fcc) phase. The relatively high average magnetic moment of
$\sim1.4\mu_{B}$/atom predicted at the transition suggests that stainless steel
potentially can present a magnetocaloric effect strong enough to make these
alloys good candidates for refrigeration applications operating at and around
room temperature.
