[en] We present results from RXTE and EUVE observations of the bright, highly variable Seyfert 1 galaxy, NGC 4051. Spectral analysis of RXTE data obtained from monitoring observations and a 'long look' (∼ 75 ksec) shows: a) strong spectral slope variability in the medium energy X-ray band, b) low energy absorption which increases with decreasing source flux, c) an ∼ 6 keV iron line which remains effectively constant despite continuum flux changes in excess of factor 10. Simultaneous RXTE and EUVE observations confirm the slope variability and also imply the presence of a constant 'soft-excess'. We discuss the implications of these results for models of iron line and soft-excess production in NGC 4051