ISG Burns Harbor S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	1Q04			1Q03			2003			2002
Interest expense, net		10.4			1.9			50.9			2.6
Income (loss) before Income taxes		76.1			(3.9	)		(47.4	)		114.0
Fixed Charges
Interest costs, expensed		10.4			1.9			50.9			2.6
Interest costs, capitalized		0.1			—			0.4			0.3
Portion of rental expense (1/3)		2.7			—			7.9			0.1
Earnings to cover preferred stock		—			—			—			—
Guarantee of joint venture		—			—			—			—
Fixed charges		13.2			1.9			59.2			3.0
Earnings
Pre-tax income (loss)		76.1			(3.9	)		(47.4	)		114.0
Fixed Charges		13.2			1.9			59.2			3.0
Equity company adjustments (income) loss		(0.6	)		(0.3	)		(1.1	)		(7.0	)
Dividends from joint ventures		1.9			—			0.7			7.4
Preferred dividends		—			—			—			—
Earnings		90.6			(2.3	)		11.4			117.4
Shortfall		77.4			(4.2	)		(47.8	)		114.4
Ratio of earnings to fixed charges		6.9			(1.2	)		0.2			39.6