The metastable 304 stainless steel film with BCC structure, fabricated by using a vapour quenching method, is strongly ferromagnetic. The effect of the local environment on the hyperfine parameters, and the influence of the heat treatment and pressure on stability in the metastable phase, were studied by means of conventional and high-pressure 57Fe Mossbauer spectroscopy. Each non-iron nearest-neighbour atom (Cr, Ni and Mn) of Fe atoms decreases the hyperfine field by an average of about 2.3 T and the isomer shift by about 0.01 mm s-1. Moreover, each non-iron next-nearest-neighbour atom is estimated to reduce the hyperfine field by an average of about 1.2 T. It is found that the transformation from the metastable BCC state to the FCC state begins near 500 degrees C and is completed near 800 degrees C. No FCC phase appears under a pressure smaller than 36 kbar. In both cases, however, the magnetization direction of the sample is observed to reorientate, and shows a stronger tendency to the out-of-plane after annealing and under pressures up to 8 kbar, while it is closer to the in-plane under pressures larger than 8 kbar.