Near eutectoid fully pearlitic wire rod (5.5 mm diameter) was taken through six stages of wire drawing (drawing strains of 0 to 2.47). The as-drawn (AD) wires were further laboratory annealed (LA) to re-austenitize and reform the pearlite. AD and LA grades, for respective wire diameters, had similar pearlite microstructure: interlamellar spacing (λ) and pearlite alignment with the wire axis. However, LA grade had lower hardness (for both phases) and slightly lower fiber texture and residual stresses in ferrite. Surprisingly, essentially identical tensile yield strengths in AD and LA wires, measured at equivalent spacing, were found. The work hardened AD had, as expected, higher torsional yield strengths and lower tensile and torsional ductilities than LA. In both wires, stronger pearlite alignment gave significantly increased torsional ductility.