EXHIBIT 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Six months ended June 30,	2007
Earnings:
Income from continuing operations before taxes on income	$	2,303
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(51	)
Fixed charges		199
Distributed income of less than 50%-owned persons		12
Amortization of capitalized interest		11
Total earnings	$	2,474
Fixed Charges:
Interest expense:
Consolidated	$	169
Proportionate share of 50%-owned persons		2
	$	171
Amount representative of the interest factor in rents:
Consolidated	$	27
Proportionate share of 50%-owned persons		1
	$	28
Fixed charges added to earnings	$	199
Interest capitalized:
Consolidated	$	99
Proportionate share of 50%-owned persons		2
	$	101
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	300
Ratio of earnings to fixed charges		8.2