Exhibit 12.1

IMCO RECYCLING INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

	For the twelve months ended December 31,
	2003			2002			2001			2000			1999
Earnings:
Income (loss) before income taxes, minority interest, and cumulative effect of accounting change	$	4,502		$	11,268		$	(4,639	)	$	411		$	32,304
Less: Equity earnings		(789	)		(2,403	)		(3,131	)		(3,060	)		(2,265	)
Add: Dividends		150			2,828			1,054			750			450
Sub-total:		3,863			11,693			(6,716	)		(1,899	)		30,489
Add: Total fixed charges (per below)		17,945			11,255			12,581			19,954			14,911
Less: Interest capitalized		152			212			336			1,067			520
Total earnings (loss) before income taxes, minority interest, and cumulative effect of accounting change		21,656			22,736			5,529			16,988			44,880
Fixed Charges:
Interest expense, including interest capitalized		15,958			9,939			11,374			18,557			13,535
Portion of rental expense representative of the interest factor		1,987			1,316			1,207			1,397			1,376
Total fixed charges		17,945			11,255			12,581			19,954			14,911
Ratio of Earnings to Fixed Charges		1.2			2.0			(a	)		(a	)		3.0

(a) For fiscal years 2001 and 2000, earnings were insufficient to cover fixed charges by $7,052 and $2,966, respectively.