EXHIBIT 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Three months ended March 31,	2007
Earnings:
Income from continuing operations before taxes on income	$	1,123
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(23	)
Fixed charges		98
Distributed income of less than 50%-owned persons		7
Amortization of capitalized interest		5
Total earnings	$	1,210
Fixed Charges:
Interest expense:
Consolidated	$	83
Proportionate share of 50%-owned persons		1
	$	84
Amount representative of the interest factor in rents:
Consolidated	$	13
Proportionate share of 50%-owned persons		1
	$	14
Fixed charges added to earnings	$	98
Interest capitalized:
Consolidated	$	48
Proportionate share of 50%-owned persons		1
	$	49
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	147
Ratio of earnings to fixed charges		8.2