Exhibit 12.1

STEEL PARTNERS HOLDINGS L.P.

COMPUTATION OF UNAUDITED RATIO OF EARNINGS TO FIXED CHARGES

	Six Months Ended June 30,				Year Ended December 31,
	2017				2016				2015		2014		2013		2012
(dollars in thousands)	Historical		Pro Forma - All Transactions(a)		Historical		Pro Forma - All Transactions(b)		Historical		Historical		Historical		Historical
Income from continuing operations before income taxes, equity method income (loss) and other investments held at fair value	$	23,512		18,304	$	22,438	$	13,390	$	23,369	$	25,273	$	16,525	$	31,962
Fixed Charges:
Interest expense		9,299		15,130		11,052		27,411		8,862		11,073		10,454		14,804
Total fixed charges		9,299		15,130		11,052		27,411		8,862		11,073		10,454		14,804
Income from continuing operations before income taxes and equity method income (loss), other  investments held at fair value and fixed charges	$	32,811		33,434	$	33,490	$	40,801	$	32,231		36,346	$	26,979	$	46,766
Ratio of earnings to fixed charges		3.53		2.21		3.03		1.49		3.64		3.28		2.58		3.16

(a) Details of the pro forma ratio of earnings to fixed charges for each transaction are as follows:

	Six Months Ended
	June 30, 2017
(dollars in thousands)	Steel Excel Transaction		Proposed HNH Transaction
Income from continuing operations before income taxes, equity method income (loss) and other investments held at fair value	$	23,211	$	18,605
Fixed Charges:
Interest expense		9,685		14,744
Total fixed charges		9,685		14,744
Income from continuing operations before income taxes and equity method income (loss), other  investments held at fair value and fixed charges	$	32,896	$	33,349
Ratio of earnings to fixed charges		3.40		2.26

(b) Details of the pro forma ratio of earnings to fixed charges for each transaction are as follows:

	Year Ended December 31, 2016
(dollars in thousands)	SLI Acquisition		Steel Excel Transaction		Proposed HNH Transaction
Income from continuing operations before income taxes, equity method income (loss) and other investments held at fair value	$	27,604	$	19,115	$	11,547
Fixed Charges:
Interest expense		12,710		14,862		21,943
Total fixed charges		12,710		14,862		21,943
Income from continuing operations before income taxes and equity method income (loss), other investments held at fair value and fixed charges	$	40,314	$	33,977	$	33,490
Ratio of earnings to fixed charges		3.17		2.29		1.53