Exhibit 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Six months ended June 30,	2009
Earnings:
Loss from continuing operations before income taxes	$	(1,202	)
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(11	)
Fixed charges added to earnings		247
Distributed income of less than 50 percent-owned persons		27
Amortization of capitalized interest:
Consolidated		13
Proportionate share of 50%-owned persons		—
Total earnings	$	(926	)
Fixed Charges:
Interest expense:
Consolidated	$	229
Proportionate share of 50 percent-owned persons		—
	$	229
Amount representative of the interest factor in rents:
Consolidated	$	18
Proportionate share of 50 percent-owned persons		—
	$	18
Fixed charges added to earnings	$	247
Interest capitalized:
Consolidated	$	95
Proportionate share of 50 percent-owned persons		—
	$	95
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	342
Ratio of earnings to fixed charges		(A	)

(A) For the six months ended June 30, 2009, there is a deficiency of earnings to cover the fixed charges of $1,268.