Exhibit 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Nine months ended September 30,	2012
Earnings:
Loss from continuing operations before income taxes	$	(76	)
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(85	)
Fixed charges added to earnings		401
Distributed income of less than 50 percent-owned persons		82
Amortization of capitalized interest:
Consolidated		33
Proportionate share of 50 percent-owned persons		—
Total earnings	$	355
Fixed Charges:
Interest expense:
Consolidated	$	370
Proportionate share of 50 percent-owned persons		—
	$	370
Amount representative of the interest factor in rents:
Consolidated	$	31
Proportionate share of 50 percent-owned persons		—
	$	31
Fixed charges added to earnings	$	401
Interest capitalized:
Consolidated	$	70
Proportionate share of 50 percent-owned persons		—
	$	70
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	471
Ratio of earnings to fixed charges		(A	)

(A) For the nine months ended September 30, 2012, there was a deficiency in earnings of $116 to cover total fixed charges.