Powder Metallurgy (PM) component properties are influenced by the pore morphology, size, size-distribution and pore content . Structural alloy Astaloy LH mechanical properties are characterized for density range 6.3 to 7.1 g/cm3. Porosity characterization of the material is also done using ASTM standard. In the first phase, an attempt is made to predict the tensile property using Gurson-Tvergaard-Needleman (GTN) model and FEM. The prediction is verified with tensile test results. It is observed that after fine tuning the parameters in the model, the prediction is found to be close to experimental values.