This artice presents an exhaustive analysis of the mechanical behavior of a steel tube during its sinking drawing. The methodology consisted in three stages, respectively, devoted to tensile testing, tube drawing in laboratory at different strain rates and, finally, mechanical characterization via modelling and simulation of the material behavior in these two tests. The derivation of the material parameters accounting for both isotropic hardening and rate-dependent effects is particularly addressed. The obtained numerical results are satisfactorily validated with the corresponding experimental measurements. Finally, a sensitivity study of the effect of the die entry semiangle on the drawing force and residual stresses is also performed in order to illustrate the capability of the methodology as a useful tool, depending on the further application of the tube, for die design.