Exhibit 12.1
Allegheny Technologies Incorporated
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
| (Dollars in millions) | ||||||||||||||||||||
| For the Years Ended December 31, | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
| Income (loss) from continuing operations before income tax provision and cumulative effect of change in accounting principle | $ | (734.0 | ) | $ | (478.0 | ) | $ | 1.5 | $ | (154.8 | ) | $ | 232.3 | |||||||
| Distributed earnings net of (income) loss recognized on less than fifty percent owned persons | 2.3 | 0.1 | 8.9 | 15.3 | (4.9 | ) | ||||||||||||||
| Noncontrolling interest in the income of subsidiary with fixed charges | (13.8 | ) | (12.0 | ) | (12.2 | ) | (7.6 | ) | (9.4 | ) | ||||||||||
| $ | (745.5 | ) | $ | (489.9 | ) | $ | (1.8 | ) | $ | (147.1 | ) | $ | 218 | |||||||
| Fixed Charges: | ||||||||||||||||||||
| Interest expense | $ | 121.6 | $ | 109.8 | $ | 107.9 | $ | 62.3 | $ | 68.8 | ||||||||||
| Portion of rents deemed to be interest | 7.7 | 7.8 | 7.6 | 7.5 | 8.3 | |||||||||||||||
| Capitalized interest | 4.7 | 2.2 | 5.3 | 45.7 | 24.5 | |||||||||||||||
| Amortization of debt expense | 3.8 | 1.8 | 1.9 | 3.8 | 3.5 | |||||||||||||||
| Fixed Charges excluding capitalized interest | 137.8 | 121.6 | 122.7 | 119.3 | 105.1 | |||||||||||||||
| Earnings adjustments: | ||||||||||||||||||||
| Capitalized interest | (4.7 | ) | (2.2 | ) | (5.3 | ) | (45.7 | ) | (24.5 | ) | ||||||||||
| Earnings, as adjusted | $ | (612.4 | ) | $ | (370.5 | ) | $ | 115.6 | $ | (73.5 | ) | $ | 298.6 | |||||||
| Ratio of earnings to fixed charges | — | (1) | — | (1) | — | (1) | — | (1) | 2.8 | |||||||||||
(1) For the years ended December 31, 2016, 2015, 2014 and 2013, fixed charges exceeded earnings by $750.2 million, $492.1 million, $7.1 million and $192.8 million, respectively.