Exhibit 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Six months ended June 30,	2010
Earnings:
Income from continuing operations before income taxes	$	140
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(37	)
Fixed charges added to earnings		255
Distributed income of less than 50 percent-owned persons		18
Amortization of capitalized interest:
Consolidated		20
Proportionate share of 50 percent-owned persons		—
Total earnings	$	396
Fixed Charges:
Interest expense:
Consolidated	$	237
Proportionate share of 50 percent-owned persons		—
	$	237
Amount representative of the interest factor in rents:
Consolidated	$	18
Proportionate share of 50 percent-owned persons		—
	$	18
Fixed charges added to earnings	$	255
Interest capitalized:
Consolidated	$	45
Proportionate share of 50 percent-owned persons		—
	$	45
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	300
Ratio of earnings to fixed charges		1.3