Since the establishment of the Eurocode design provisions for structural stainless steel, a considerable amount of both statistical material data and experimental results on structural elements has been generated. In light of this, the current partial resistance factors recommended in EN 1993-1-4 for the design of stainless steel elements are re-evaluated. First, following an analysis of material data from key stainless steel producers, representative values of the over-strength and the coefficient of variation (COV) of the material yield strength and ultimate tensile strength were established. For yield strength, over-strength values and COVs of 1.3 and 0.060 for austenitic, 1.1 and 0.030 for duplex and 1.2 and 0.045 for ferritic stainless steels were determined. For the ultimate tensile strength, an over-strength value of 1.1 was found to be suitable for all stainless steel grades, and COV values of 0.035 for the austenitic and duplex grades and 0.05 for the ferritic grade were proposed. For the variability of the geometric properties, a COV value of 0.05 was recommended. Analysis of available experimental results based on the First Order Reliability Method (FORM), set out in EN 1990 Annex D, and utilising the derived statistical material parameters, revealed that the current recommended partial resistance factors in EN 1993-1-4 (γM0 = γM1 = 1.1 and γM2 = 1.25) cannot generally be reduced, and in some cases, modified design resistance equations are required, if the current safety factors are to be maintained.