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                                                                      EXHIBIT 24
 
                       CONSENT OF INDEPENDENT ACCOUNTANTS
 
     We consent to the incorporation by reference in the Registration Statements
of Northwestern Steel and Wire Company on Form S-8 (File No. 33-56412, 33-67788
and 33-53471) of our reports dated September 12, 1996 on our audits of the
consolidated financial statements and financial statement schedule of
Northwestern Steel and Wire Company as of July 31, 1996 and 1995 and for the
years ended July 31, 1996, 1995 and 1994, which reports are included in this
annual report on Form 10-K.
                                          COOPERS & LYBRAND L.L.P.
Chicago, Illinois
October 29, 1996