Edgen Murray II S-4/A Registration of securities issued in business combination transactions (amended)

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(3) The following table presents our earnings to fixed charges for the periods indicated:

	Period January 1, 2005 to January  31, 2005			Period February 1, 2005 to December  31, 2005														Three months ended March 31,		Three months ended March 31,
							Year Ended December 31,
							2006			2007			2008		2009			2009		2010
Earnings:
Income (loss) from continuing operations before taxes	$	(10,156	)	$	10,360		$	36,373		$	1,545		$	108,351	$	(43,262	)	$	9,805	$	6,965
Interest expense (a)		298			12,593			29,909			44,596			42,533		44,699			9,979		16,072
Amortization of deferred financing costs and bond discount		35			1,140			3,913			3,705			2,507		2,386			603		889
Preference securities dividends requirements		234			2,817			6,736			878			—		—			—		—
Less: Preference securities dividends requirements		(234	)		(2,817	)		(6,736	)		(878	)		—		—			—		—
Total earnings	$	(9,823	)	$	24,093		$	70,195		$	49,846		$	153,391	$	3,823		$	20,387	$	23,926
Fixed charges:
Interest expense (a)	$	298		$	12,593		$	29,909		$	44,596		$	42,533	$	44,699		$	9,979	$	16,072
Amortization of deferred financing costs and bond discount		35			1,140			3,913			3,705			2,507		2,386			603		889
Interest element on rent expense (b)		33			486			733			810			1,011		1,245			304		318
Preference securities dividends requirements (c)		234			2,817			6,736			878			—		—			—		—
Total fixed charges	$	600		$	17,036		$	41,291		$	49,989		$	46,051	$	48,330		$	10,886	$	17,279
Ratio of earnings to fixed charges (d)		—			1.41			1.70			1.00			3.33		—			1.87		1.38

(a) For the year ended December 31, 2009, interest expense includes a non-recurring non-cash charge of $7.5 million associated with a deferred loss recognized on interest rate derivatives for which previously hedged cash flows no longer exists as a result of the repayment of the first and second lien term loans on December 23, 2009.

(b) Interest on operating leases estimated to be 33% of annual rental expense.

(c) Preferred partnership unit interest and dividend requirement grossed up for income taxes in deriving the pre-tax income required to pay dividends.

(d) For the one month period January 1, 2005 to January 31, 2005 and the year ended December 31, 2009, earnings were insufficient by $10.4 million and $44.5 million, respectively, to cover fixed charges.