Simplified limit analysis techniques have already been employed for limit load estimation on the basis of linear elastic finite element analysis (FEA) assuming elastic-perfectly-plastic material model. Due to strain hardening, a component or a structure can store supplementary strain energy and hence carries additional load. In this paper, an iterative elastic modulus adjustment scheme is developed in context of strain hardening material model utilizing the “strain energy density” theory. The proposed algorithm is then programmed into repeated elastic FEA and results from the numerical examples are compared with inelastic FEA results.