Alcoa and subsidiaries EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

For the three months ended March 31, 2005

(in millions, except ratio)

Three months ended March 31	2005
Earnings:
Income from continuing operations before taxes on income	$	525
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(35	)
Fixed charges		90
Distributed income of less than 50%-owned persons		3
Amortization of capitalized interest		7
Total earnings	$	590
Fixed Charges:
Interest expense:
Consolidated	$	78
Proportionate share of 50%-owned persons		1
	$	79
Amount representative of the interest factor in rents:
Consolidated	$	11
Proportionate share of 50%-owned persons		—
	$	11
Fixed charges added to earnings	$	90
Interest capitalized:
Consolidated	$	9
Proportionate share of 50%-owned persons		—
	$	9
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	99
Ratio of earnings to fixed charges		6.0