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EXHIBIT 12.1

OREGON STEEL MILLS, INC.

STATEMENT RE: COMPUTATION OF RATIOS

(dollars in thousands)

			Years Ended December 31,														Nine Months Ended September 30,
			1997		1998			1999			2000			2001			2001			2002
Earnings (loss) as defined:
	Income (loss) from operations before taxes		$	18,617	$	20,316		$	32,970		$	(29,481	)	$	(8,087	)	$	(9,261	)	$	17,692
	Plus: Fixed charges (net of capitalized interest)			10,216		38,485			35,027			34,936			35,595			27,154			27,674
		Minority interest		5,898		4,213			1,475			7			339			961			1,723
	Earnings (loss)		$	34,731	$	63,014		$	69,472		$	5,462		$	27,847		$	18,855		$	47,089
Fixed Charges as defined:
	Interest expense, adding back capitalized interest and amortization of debt issue costs			38,032		39,699			35,968			35,730			36,279			27,802			28,320
	Fixed Charges		$	38,032	$	39,699		$	35,968		$	35,730		$	36,279		$	27,802		$	28,320
Ratio of Earnings to Fixed Charges(1)				—		1.6	x		1.9	x		—			—			—			1.7	x

(1)

For the purpose of determining the ratio of earnings to fixed charges, earnings consist of consolidated income (loss) before income taxes plus fixed charges (net of capitalized interest) and minority interest in income of majority-owned subsidiaries. Fixed charges consist of consolidated interest on indebtedness, adding back capitalized interest and amortization of debt issue costs. Fixed charges exceeded earnings by $3,301,000, $30,268,000 and $8,432,000 in the years ended December 31, 1997, 2000, 2001, respectively, and by $8,947,000 for the nine months ended September 30, 2001.

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EXHIBIT 12.1