AbstractAn accurate and consistent approach to the out‐of‐plane stability design of steel beams and structures utilising geometrically and materially nonlinear analysis with imperfections (GMNIA) and strain limits is proposed. The method is implemented using computationally efficient beam elements, with the ultimate structural resistance defined either by (i) the ultimate load factor or (ii) the load factor at which a strain limit, determined on the basis of the continuous strength method (CSM), is attained, whichever occurs first. In the present paper, the scope of this method is extended from the in‐plane design of steel structures and structural components to scenarios in which out‐of‐plane stability effects, with a focus on lateral‐torsional buckling (LTB), govern. First, two shapes and corresponding amplitudes of equivalent imperfections, which consider the combined influence of both geometric imperfections and residual stresses, for the out‐of‐stability design of steel and stainless steel members by GMNIA are established. The existing CSM strain limits for in‐plane design are then extended to allow for the influence of shear, torsion and warping, to enable their general applicability to three‐dimensional buckling problems. It is shown that employing the proposed design method together with the proposed equivalent imperfections generally provides more accurate and consistent ultimate strength predictions than traditional Eurocode design calculations and also streamlines the design process by eliminating the need for cross‐section classification and individual member design checks.