With a view to environmental, economic and safety concerns, car manufacturers need to design lighter and safer vehicles in ever shorter development times. In recent years, High Strength Steels (HSS) like Interstitial Free (IF) steels which have higher ratios of yield strength to elastic modulus, are increasingly used for sheet metal parts in automotive industry to meet the demands. Moreover, the application of sheet metal forming simulations has proven to be beneficial to reduce tool costs in the design stage and to optimize current processes. The Finite Element Method (FEM) is quite successful to simulate metal forming processes but accuracy largely depends on the quality of the material properties provided as input to the material model. Common phenomenological models roughly consist in the fitting of functions on experimental results and do not provide any predictive character for different metals from the same grade. Therefore, the use of accurate plasticity models based on physics would increase predictive capability, reduce parameter identification cost and allow for robust and time-effective finite element simulations.