The novel equivalent material concept, proposed originally by the author, was utilized together with the mean stress and the point stress failure concepts to predict the load-carrying capacity of O-notched ductile steel plates under pure tension. Unlike for V and U-notches, it was found that the point stress criterion combined with the equivalent material concept could estimate successfully the limited available experimental results reported in literature regarding four O-notched plates made of very ductile steel. By using the model, one may predict well the onset of tensile crack initiation in O-notched ductile components without requiring performing experiments or elastic-plastic analysis.