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 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 LLP


Chicago, Illinois
May 21, 1999