A robust methodology to simulate virtually the residual stresses pattern in welded steel plates is presented. The methodology is applied to the structural analysis of typical welded plates belonging to ship structures, and the effect of residual stresses on the elastoplastic behavior of plates loaded axially is analyzed in comparison to the residual stress free case, both for tension and compression and including initial imperfections. Residual stresses affect in different manner plates with different geometries; thus a parametric study is performed covering the usual range of variation of the most important plate parameters that control the strength of the plates, more precisely the slenderness and the aspect ratio. The results from finite elements analysis are compared with codes and most stablished formulations and recommendations of applicability in the prediction of load-shortening curves for hull’s bending strength evaluation, ultimate strength and ultimate strain of plate elements are made.