Many steel bridge infrastructures in the world are getting older, and a large number of these structures are in need of maintenance, rehabilitation or replacement. Most of them are subjected to corrosion due to exposure to aggressive environmental conditions and inadequate maintenance, causing reduction of their carrying capacities. In order to have an adequate bridge management, it is of paramount importance to develop an efficient, accurate and rapid condition assessment method which can be used to make reliable decisions affecting the cost and safety. Therefore, a simple and accurate method of calculating remaining yield and tensile strength by using a concept of representative effective thickness with correlation of initial thickness and maximum corroded depth is proposed in this study, based on the results of many tensile coupon tests of corroded plates obtained from a steel plate girder with severe corrosion, used for about 100 years. Furthermore, a strength reduction diagram which will be very useful for bridge inspection engineers to make rational decisions about the maintenance management of aged steel bridge infrastructures is presented.