Carbon fiber‐reinforced polymer materials have become popular in the construction industry during the last decade for their ability to strengthen and retrofit concrete structures. The recent availability of high‐modulus carbon fiber‐reinforced polymer strips (HMCFRP) has opened up the possibility of using this material in strengthening steel structures as well. The strips can be used in steel bridge girders and structures that are at risk of corrosion‐induced cross‐sectional losses, structural deterioration from aging, or changes in function. In this study, a set of bending experiments was performed on three types of steel beams reinforced with HMCFRP. The results were used to enhance a nonlinear finite element model built with ABAQUS software. The accuracy of the mathematical models for HMCFRP, epoxy, and steel profiles was compared with the experimental results, and the ability of HMCFRP to continue carrying load from the steel beams during rupture and postrupture scenarios was observed using numerical analysis. Using these verified finite element models, a parametric analysis was performed on the HMCFRP failure modes and the quantity to be used with IPE profile steel beams. The maximum amount of HMCFRP needed for strengthening was determined, and an upper limit for its use was calculated to avoid any debonding failure of the fiber material.