Semi-implicit and Newton-like finite element methods are developed for the stationary compressible Euler equations. The Galerkin discretization of the inviscid fluxes is potentially oscillatory and unstable. To suppress numerical oscillations, the spatial discretization is performed by a high-resolution finite element scheme based on algebraic flux correction. A multidimensional limiter of TVD type is employed. An important goal is the efficient computation of stationary solutions in a wide range of Mach numbers, which is a challenging task due to oscillatory correction factors associated with TVD-type flux limiters. A semiimplicit scheme is derived by a time-lagged linearization of the nonlinear residual, and a Newton-like method is obtained in the limit of infinite CFL numbers. Special emphasis is laid on the numerical treatment of weakly imposed characteristic boundary conditions. A boundary Riemann solver is used to avoid unphysical boundary states. It is shown that the proposed approach offers unconditional stability as well as higher accuracy and better convergence behavior than in the case of algorithms in which the boundary conditions are implemented in a strong sense. The spatial accuracy of the whole scheme and the boundary conditions is analyzed by grid convergence studies. Copyright c 2010 John Wiley & Sons, Ltd.