Effects of a uniaxial tensile plastic deformation on magnetically induced velocity changes for 10‐MHz ultrasonic longitudinal waves in a specimen of SAE 4340 steel were investigated. The velocity change as a function of the applied magnetic field, measured after plastic deformation under uniaxial tension, was found to be similar to that obtained under uniaxial compression before deformation, suggesting the presence of a residual compressive stress in the plastically deformed specimen. This finding agrees with other reported results.