Everybody needs to think in terms of going back to the stress-strain curve for steel. The modulus of elasticity is the slope of the stress-strain curve. The modulus of elasticity is not constant for all stress ranges, and there are different stress at different points along the length of the bar,
Young's modulus is based on an idealized stress-strain diagram, and is not valid for stresses above yield, where you get into the calculation of tangent modulii. Think in terms of a bar with a varying modulus along most of it's length. Stresses would be in the elatics range only near the supports.
When all is said and done, I don't know how you would ever calculate such a problem. If you load steel to stresses beyond the proportional limit, then unload it, the response is essentially linearly elastic, parallel with the original slope line. When the load reaches zero, the permanent set can be measured along the strain axis. However, this tells you what's happening only at the point of maximum stress. Maybe somebody who remembers how integrate a curve could figure this out, but it's beyond me.