EXHIBIT 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Three months ended March 31,	2009
Earnings:
Loss from continuing operations before taxes on income	$	(777	)
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges		–
Equity loss		19
Fixed charges added to earnings		123
Distributed income of less than 50 percent-owned persons		8
Amortization of capitalized interest:
Consolidated		6
Proportionate share of 50%-owned persons		–
Total earnings	$	(621	)
Fixed Charges:
Interest expense:
Consolidated	$	114
Proportionate share of 50 percent-owned persons		–
	$	114
Amount representative of the interest factor in rents:
Consolidated	$	9
Proportionate share of 50 percent-owned persons		–
	$	9
Fixed charges added to earnings	$	123
Interest capitalized:
Consolidated	$	47
Proportionate share of 50 percent-owned persons		–
	$	47
Preferred stock dividend requirements of majority-owned subsidiaries		–
Total fixed charges	$	170
Ratio of earnings to fixed charges		(A	)

(A) For the three months ended March 31, 2009, there is a deficiency of earnings to cover the fixed charges of $791.