The first report dealt with the investigation of pitting corrosion observed on hold frames of a 14 year old bulk carrier. Tensile strength and buckling strength of actual members taken from the bulk carrier were also investigated. In the present study, a series of tensile tests and compression (buckling) tests has been conducted using test specimens with artificial pitting under a wide variety of testing conditions to investigate the effect of pitting corrosion on the strength in more details. The following results have been obtained; - Tensile strength decreases gradually and total elongation decreases drastically with the increase of thickness loss. The reduction of tensile strength and total elongation is large when the original thickness is small. - In general, ultimate strength of pitted members under compressive loading is smaller than that of uniformly corroded members in terms of average thickness loss. Following the experiment, an elasto-plastic analysis has been carried out to simulate the buckling behavior observed in the compression test in order to verify the method of modeling members with pitting corrosion.