EXHIBIT 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Nine months ended September 30,	2007
Earnings:
Income from continuing operations before taxes on income	$	4,016
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(58	)
Fixed charges		365
Distributed income of less than 50%-owned persons		49
Amortization of capitalized interest		15
Total earnings	$	4,387
Fixed Charges:
Interest expense:
Consolidated	$	320
Proportionate share of 50%-owned persons		3
	$	323
Amount representative of the interest factor in rents:
Consolidated	$	41
Proportionate share of 50%-owned persons		1
	$	42
Fixed charges added to earnings	$	365
Interest capitalized:
Consolidated	$	152
Proportionate share of 50%-owned persons		4
	$	156
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	521
Ratio of earnings to fixed charges		8.4