Exhibit 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Nine months ended September 30,	2011
Earnings:
Income from continuing operations before income taxes	$	1,302
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(106	)
Fixed charges added to earnings		432
Distributed income of less than 50 percent-owned persons		78
Amortization of capitalized interest:
Consolidated		32
Proportionate share of 50 percent-owned persons		—
Total earnings	$	1,738
Fixed Charges:
Interest expense:
Consolidated	$	399
Proportionate share of 50 percent-owned persons		—
	$	399
Amount representative of the interest factor in rents:
Consolidated	$	33
Proportionate share of 50 percent-owned persons		—
	$	33
Fixed charges added to earnings	$	432
Interest capitalized:
Consolidated	$	80
Proportionate share of 50 percent-owned persons		—
	$	80
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	512
Ratio of earnings to fixed charges		3.4