A chemical system is said to be in equilibrium when the quantities of the chemical entities involved do not and cannot change in time without the application of an external influence. In this sense a system in chemical equilibrium is in a stable state. The system at chemical equilibrium will be at a constant temperature, pressure or volume and a composition. It will be insulated from exchange of heat with the surroundings, that is, it is a closed system. A change of temperature, pressure (or volume) constitutes an external influence and the equilibrium quantities will change as a result of such a change. If there is a possibility that the composition might change, but the rate of change is negligibly slow, the system is said to be in a metastable state. The equation of chemical equilibrium can be expressed symbolically as
:reactant(s)  product(s)
The sign  means "are in equilibrium with". This definition refers to macroscopic properties. Changes do occur at the microscopic level of atoms and molecules, but to such a minute extent that they are not measurable and in a balanced way so that the macroscopic quantities do not change. Chemical equilibrium is a dynamic state in which forward and backward reactions proceed at such rates that the macroscopic composition of the mixture is constant. Thus, equilibrium sign  symbolizes the fact that reactions occur in both forward  and backward  directions.
A steady state, on the other hand, is not necessarily an equilibrium state in the chemical sense. For example, in a radioactive decay chain the concentrations of intermediate isotopes are constant because the rate of production is equal to the rate of decay. It is not a chemical equilibrium because the decay process occurs in one direction only.
Thermodynamic equilibrium is characterized by the free energy for the whole (closed) system being a minimum. For systems at constant volume the Helmholtz free energy is minimum and for systems at constant pressure the Gibbs free energy is minimum. Thus a metastable state is one for which the free energy change between reactants and products is not minimal even though the composition does not change in time.
The existence of this minimum is due to the free energy of mixing of reactants and products being always negative. For ideal solutions the enthalpy of mixing is zero, so the minimum exists because the entropy of mixing is always positive. The slope of the reaction free energy, δG with respect to the reaction coordinate, ξ, is zero when the free energy is at its minimum value.