Stainless steel is a basic raw material used in many industries. It can be customized by generating laser-induced periodic surface structure (LIPSS) as subwavelength gratings. Here, we present the capabilities of an LIPSS on stainless steel to modify the polarization state of the reflected radiation at the IR band. These structures have been modeled using the finite element method and fabricated by femtosecond laser processing. The Stokes parameters have been obtained experimentally and a model for the shape has been used to fit the simulated Stokes values to the experimental data. The birefringence of the LIPSS is analyzed to explain how they modify the polarization state of the incoming light. We find the geometry of the subwavelength grating that makes it work as an optical retarder that transforms a linearly polarized light into a circularly polarized wave. In addition, the geometrical parameters of the LIPSS are tuned to selectively absorb one of the components of the incoming light, becoming a linear axial polarizer. Appropriately selecting the geometrical parameters and orientation of the fabricated LIPSS makes it possible to obtain an arbitrary pure polarization state when illuminated by a pure linearly polarized state oriented at an azimuth of 45°. The overall reflectance of these transformations reaches values close to 60% with respect to the incident intensity, which is the same reflectivity obtained for non-nanostructured stainless steel flat surfaces.