EXHIBIT 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Three months ended March 31,	2008
Earnings:
Income from continuing operations before taxes on income	$	575
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(50	)
Fixed charges added to earnings		110
Distributed income of less than 50 percent-owned persons		19
Amortization of capitalized interest:
Consolidated		6
Proportionate share of 50%-owned persons		—
Total earnings	$	660
Fixed Charges:
Interest expense:
Consolidated	$	99
Proportionate share of 50 percent-owned persons		—
	$	99
Amount representative of the interest factor in rents:
Consolidated	$	11
Proportionate share of 50 percent-owned persons		—
	$	11
Fixed charges added to earnings	$	110
Interest capitalized:
Consolidated	$	39
Proportionate share of 50 percent-owned persons		1
	$	40
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	150
Ratio of earnings to fixed charges		4.4

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