Metallurgy is a science all its own, and a complex bit of technology at that. Most of which is beyond the scope of a hobbyist discussion, since most of the material sought out by hobbyists is what is usually a common type of material. That said, since the scrapyards that sometimes are the sources of hobby materials, virtually nothing can be ruled out. Easiest route to identifying a piece of material would be access to a XRF "gun" from a scrapyard, some of which can give specific chemistry of a material. Of course, that gives no information on heat treat condition.
It would take much discussion and more speculation as to what material you actually have. Magnetic/non-magnetic is a clue, but only a piece of the puzzle. Since you say it is not SS, I assume you have reason to believe so; such as surface rust or discoloration. Please consider that the term "Stainless Steel" covers a broad range of materials and includes some that are not exactly immune to such effects. As far as magnetic properties, many SS examples are magnetic, some to a degree nearly equivalent to the average carbon or alloy steel. So in itself, that is only one of many identifying features.
As Wreck mentioned, 440 stainless is magnetic, as is most of the 400 series that I have worked with. Yet some of it does not rate all that high in corrosion tests. I believe it is classed as a stainless because of the chemical makeup more than the actual corrosion resistant properties.
One other factor to consider, as a hint, is the form of metal you have. Not all materials are readily available in all forms. Some are quite difficult, expensive, or near impossible to acquire in sheet, plate, or forms other than round bar. I guess what I am getting at it that there is a plethora of possibilities, and narrowing it down by a few common features may be the best you can hope for. Then given the choices narrowed down, you will have to make the decision as to suitability for your application.