Rock bolts of steel are the most frequently used components in systems for rock reinforcement. Special types are used as energy absorbing elements in systems exposed to dynamic loads and these must yield plastically under high loading velocities. A new type of energy absorbing rock bolt of soft steel has been suggested and tested. To investigate the strain rate effects on the yield stress and ultimate strength of the steel were bars dynamically loaded in a high speed testing machine. The observed tensile forces can be divided into one part from impact and another from quasi-static straining. The tests showed that there was a considerable strain rate effect on the yield stress of the steel. It is recommended that higher dynamic yield stresses are utilized in the dynamic design which has to incorporate the risk of high peak forces from impact loading.