This problem is simulated with a nonlinear transient analysis. Large Deflection is set On to include large-deflection effects. Stabilization is set Off. The step controls and other analysis settings are shown in the figure below. For more details on nonlinear analysis settings see Nonlinear Controls for Steady-State, Static, and Transient Analyses.
Since this problem undergoes a large plastic deformation, a large plastic limit is introduced as a cutback factor (CUTCONTROLcommand) to automatically reduce the step size when the solution encounters convergence difficulties during the nonlinear analysis as shown in the following command snippet.
/solu cutcontrol,plslimit, .9 ! Cutback criterion