Exhibit 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Nine months ended September 30,	2008
Earnings:
Income from continuing operations before taxes on income	$	1,892
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(127	)
Fixed charges added to earnings		321
Distributed income of less than 50 percent-owned persons		60
Amortization of capitalized interest:
Consolidated		20
Proportionate share of 50%-owned persons		—
Total earnings	$	2,166
Fixed Charges:
Interest expense:
Consolidated	$	283
Proportionate share of 50 percent-owned persons		1
	$	284
Amount representative of the interest factor in rents:
Consolidated	$	36
Proportionate share of 50 percent-owned persons		1
	$	37
Fixed charges added to earnings	$	321
Interest capitalized:
Consolidated	$	120
Proportionate share of 50 percent-owned persons		1
	$	121
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	442
Ratio of earnings to fixed charges		4.9