The changes in the plasticity characteristics of prestressing steel wires in air and in hydrogenating environments caused by the process of cold drawing are investigated on the basis of slow strain-rate tests on smooth specimens. The tested pearlitic steel is highly susceptible to hydrogen embrittlement in all stages of cold drawing. The inconsistency is revealed between the changes of two plasticity characteristics: reduction in area and uniform elongation. The obtained results are analyzed by distinguishing the contributions of resistance to crack initiation and crack propagation. The susceptibility to crack initiation increases as a result of cold drawing with simultaneous improvement of the crack propagation resistance.