1
                                                                      EX 23.1


                       CONSENT OF INDEPENDENT ACCOUNTANTS


          We consent to the incorporation by reference in the Registration
Statement of Northwestern Steel and Wire Company on Form S-8 (File No. 33-67788)
of our report dated August 20, 1998, except for Subsequent Event Note to
Financial Statements as to which the date is October 7, 1998, on our audits of
the consolidated financial statements and financial statement schedule of
Northwestern Steel and Wire Company as of July 31, 1998 and 1997 and for the
years ended July 31, 1998, 1997 and 1996, which report is incorporated by
reference in this Registration Statement


                                   /s/ PricewaterhouseCoopers LLC


Chicago, Illinois
May 21, 1999