This work presents a constitutive model for eutectoid steels based on their two-phase lamellar microstructure. The model accounts for the individual behaviour of both ferrite and cementite, with perfect interphase adhesion assumed. It considers anisotropic hardening mechanisms in ferrite derived from the lamellar structure of pearlite while ignoring the crystal structure of either phase. The model also accounts for the evolution of orientation and spacing of lamellae under directional deformation, along with the evolution of internal stress distribution in both phases. Due to its simplicity, the model has very few calibration parameters but is still able to reproduce complex strain paths and loading conditions with excellent accuracy. The model was compared with tensile, compression and torsion tests from a 13-pass wire drawing series (up to drawing strains of 2.7) and reproduced accurately the mechanical response under any loading condition. The robustness of the model lies in the fact that it is able to recreate the evolution of internal stresses built in cementite and ferrite. Such internal stress evolution was confirmed to reproduce accurately the stress partitioning observed in neutron and X-ray diffraction tests reported in literature. Moreover, the model contributes to the understanding of the rapid broadening of cementite diffraction peaks observed during in-situ tensile tests of patented wires.