Millennium America S-3 Shelf registration

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	YEAR ENDED DECEMBER 31,
	2003			2002			2001			2000			1999
Pre-tax (loss) income from continuing operations before minority interest and cumulative effect of accounting change	$	(243	)	$	(80	)	$	(150	)	$	183		$	(547	)
Loss (earnings) on Equistar investment		100			73			83			(45	)		7
Cash distributions from Equistar		—			—			—			83			75
Add back fixed charges:
Interest expense		98			90			85			80			72
Rent expenses (33%)		7			7			6			5			4
Total fixed charges		105			97			91			85			76
Adjusted (loss) earnings	$	(38	)	$	90		$	24		$	306		$	(389	)
Ratio of earnings to fixed charges(1)(2)		N/A			N/A			N/A			3.61	x		N/A

(1) For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent income from continuing operations before income taxes, minority interest and (loss) earnings on Equistar investment, plus fixed charges and cash distributions from Equistar. “Fixed charges” consist of interest expense, including amortization of debt issuance costs and that portion of rental expenses which Millennium Chemicals considers to be a reasonable approximation of interest. Additional earnings of $143 million, $7 million, $67 million, and $465 million for the years ended December 31, 2003, 2002, 2001, and 1999, respectively, would have been required to achieve a one-to-one ratio.

(2) The pro forma ratio of earnings to fixed charges is not presented for the year ended December 31, 2003 because it differs from the historical ratio of earnings to fixed charges for the year ended December 31, 2003 by less than ten percent.