Exhibit 12

IMCO RECYCLING INC. AND SUBSIDIARIES

RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

	For the three months ended September 30,				For the nine months ended September 30,
	2003		2002		2003		2002
Earnings:
Income (loss) before income taxes, minority interest, and cumulative effect of accounting change	(553	)	4,113		5,991		9,244
Less: Equity earnings	64		(460	)	(847	)	(1,103	)
Add: Dividends	—		300		150		2,828
Sub-total:	(489	)	3,953		5,294		10,969
Add: Total fixed charges (per below)	3,938		3,103		10,956		8,569
Less: Interest capitalized	14		52		122		156
Total earnings (loss) before income taxes, minority interest, and cumulative effect of accounting change	3,435		7,004		16,128		19,382
Fixed Charges:
Interest expense, including interest capitalized	3,480		2,789		9,641		7,648
Portion of rental expense representative of the interest factor	458		314		1,315		921
Total fixed charges	3,938		3,103		10,956		8,569
Ratio of Earnings to Fixed Charges	*		2.3		1.5		2.3

* For the three months ended September 30, 2003 we had an earnings deficiency of approximately $503,000.