Torque measurement is a key task in several mechanical and structural engineering applications. Most commercial torquemeters require the shaft to be interrupted to place the sensors between the two portions of the shaft where a torque has to be measured. Contactless torquemeters based on the inverse magnetostrictive effect represent an effective alternative to conventional ones. Most known ferromagnetic materials have an inverse magnetostrictive behavior: applied stresses induce variations in their magnetic properties. This paper investigates the possibility of measuring torsional loads applied to a shaft made of ferromagnetic steel S235 through an inverse magnetostrictive torquemeter. It consists of an excitation coil that produces a time-varying electromagnetic field inside the shaft and an array of sensing coils suitably arranged around it, in which voltages are induced. First, the system is analyzed both in unloaded and loaded conditions by a Finite Element Method, investigating the influence of relative positions between the sensor and the shaft. Then, the numerical results are compared with the experimental measurements, confirming a linear characteristic of the sensor (sensitivity about 0.013 mV/Nm for the adopted experimental setup) and revealing the consistency of the model used. Since the system exploits the physical behavior of a large class of structural steel and does not require the introduction of special materials, this torquemeter may represent a reliable, economical, and easy-to-install device.