Exhibit 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Six months ended June 30,	2011
Earnings:
Income from continuing operations before income taxes	$	1,022
Noncontrolling interests' share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(82	)
Fixed charges added to earnings		290
Distributed income of less than 50 percent-owned persons		55
Amortization of capitalized interest:
Consolidated		21
Proportionate share of 50 percent-owned persons		—
Total earnings	$	1,306
Fixed Charges:
Interest expense:
Consolidated	$	274
Proportionate share of 50 percent-owned persons		—
	$	274
Amount representative of the interest factor in rents:
Consolidated	$	16
Proportionate share of 50 percent-owned persons		—
	$	16
Fixed charges added to earnings	$	290
Interest capitalized:
Consolidated	$	57
Proportionate share of 50 percent-owned persons		—
	$	57
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	347
Ratio of earnings to fixed charges		3.8