I have a powdercoated aluminum set and it is the way to go. I had a powdercoated steel set for 6 years and it held up pretty good. It still rusted around the edges/ welds even though I brought it in every winter.
The aluminum chairs are lighter to move around and are just as sturdy as the steel. I also went with the mesh so I wouldn't have to deal with wet cushions all the time.
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