EXHIBIT 23



                         CONSENT OF INDEPENDENT AUDITORS


We consent to the incorporation by reference in the following registration
statements of our report dated January 30, 2002, with respect to the
consolidated financial statements and schedule of Lincoln Electric Holdings,
Inc. and subsidiaries included in the Annual Report (Form 10-K) for the year
ended December 31, 2001:

     Form S-8 Registration Statement of Lincoln Electric Holdings, Inc. for the
     Stock Option Plan for Non-Employee Directors (Form S-8 No. 333 - 49976)

     Form S-8 Registration Statement of Lincoln Electric Holdings, Inc. for the
     1998 Stock Option Plan (Form S-8 No. 333 - 58305)

     Post-effective Amendment No. 1 to Form S-8 Registration Statement of
     Lincoln Electric Holdings, Inc. (as successor to The Lincoln Electric
     Company) for The Lincoln Electric Company Employee Savings Plan (Form S-8
     No. 033 - 64187)

     Post-effective Amendment No. 1 to Form S-8 Registration Statement of
     Lincoln Electric Holdings, Inc. (as successor to The Lincoln Electric
     Company) for The Lincoln Electric Company 1988 Incentive Equity Plan (Form
     S-8 No. 033 - 25210)

     Post-effective Amendment No. 1 to Form S-8 Registration Statement of
     Lincoln Electric Holdings, Inc. (as successor to The Lincoln Electric
     Company) for the 1995 Lincoln Stock Purchase Plan (Form S-8 No. 033 -
     64189)


                              /s/ ERNST & YOUNG LLP


Cleveland, Ohio
February 11, 2002



                                       42