EXHIBIT 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

CHAPARRAL STEEL COMPANY AND SUBSIDIARIES

	Three months ended August 31,						Year ended May 31,
	Pro Forma						Pro Forma
	2005		2005		2004		2005		2005		2004			2003			2002			2001
In thousands except ratios
Earnings
Income (loss) from continuing operations before income taxes and changes in accounting principles	$	26,554	$	26,910	$	43,270	$	133,400	$	120,210	$	(8,997	)	$	(100,580	)	$	(20,245	)	$	(74,039	)
Fixed charges		8,647		8,291		12,093		34,681		47,871		50,211			51,867			51,396			50,939
Amortization of capitalized interest		426		426		426		1,703		1,703		1,703			1,703			1,703			1,703
Less: Interest capitalized		—		—		—		—		—		—			—			—			—
Adjusted earnings	$	35,627	$	35,627	$	55,789	$	169,784	$	169,784	$	42,917		$	(47,010	)	$	32,854		$	(21,397	)
Fixed charges
Interest expense	$	8,211	$	7,953	$	11,931	$	32,875	$	47,275	$	49,597		$	51,027		$	50,581		$	49,929
Interest capitalized		—		—		—		—		—		—			—			—			—
Net amortization of debt discounts, premiums and issuance expense		309		211		—		1,210		—		—			—			—			—
Interest Portion of rent expense		127		127		162		596		596		614			840			815			1,010
Total fixed charges	$	8,647	$	8,291	$	12,093	$	34,681	$	47,871	$	50,211		$	51,867		$	51,396		$	50,939
Ratio of earnings to fixed charges		4.12		4.30		4.61		4.90		3.55		0.85			(0.91	)		0.64			(0.42	)
Deficiency of earnings to cover fixed charges	$	—	$	—	$	—	$	—	$	—	$	7,294		$	98,877		$	18,542		$	72,336