The article describes an identification of material parameters from set of experiments. The experiments were made with hollow cylindrical specimens. The specimens were fabricated from the steel (11375). In this study are used the data obtained from 5 experiments (axis force, torque and their combination). Software ANSYS v.11.0 based on Finite Element Method (FEM) was used as a tool for the identification of the material parameters (inverse algorithm). There were implemented many material models in the software. The article uses Multilinear material model, rate independent and Ramberg-Osgood approximation of constitutive equations (3. material parameters) for the problem solution. The data correlations and data dispersions were used for estimating new values of material parameters. The solutions were found by FEM (for selected material model, 3. material parameters) and were compared with the experimental data.