Howmet Aerospace (HWM) 8-K Termination of a Material Definitive Agreement

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in millions, except ratios)

	Six Months Ended June 30, 2014			Year Ended December 31,
				2013			2012			2011			2010			2009
Earnings:
(Loss) income from continuing operations before income taxes	$	(67	)	$	(1,816	)	$	324		$	1,063		$	548		$	(1,498	)
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges		—			—			—			—			—			—
Equity loss (income)		25			(12	)		(99	)		(127	)		(54	)		(17	)
Fixed charges added to earnings		244			493			533			568			532			508
Distributed income of less than 50 percent-owned persons		43			89			101			100			33			56
Amortization of capitalized interest:
Consolidated		24			46			44			43			39			30
Proportionate share of 50 percent-owned persons		—			—			—			—			—			—
Total earnings	$	269		$	(1,200	)	$	903		$	1,647		$	1,098		$	(921	)
Fixed Charges:
Interest expense:
Consolidated	$	225		$	453		$	490		$	524		$	494		$	470
Proportionate share of 50 percent-owned persons		—			—			—			—			—			—
		225			453			490			524			494			470
Amount representative of the interest factor in rents:
Consolidated		19			40			43			44			38			38
Proportionate share of 50 percent-owned persons		—			—			—			—			—			—
		19			40			43			44			38			38
Fixed charges added to earnings		244			493			533			568			532			508
Interest capitalized:
Consolidated		27			99			93			102			96			165
Proportionate share of 50 percent-owned persons		—			—			—			—			—			—
		27			99			93			102			96			165
Preferred stock dividend requirements of majority-owned subsidiaries		—			—			—			—			—			—
Total fixed charges	$	271		$	592		$	626		$	670		$	628		$	673
Ratio of earnings to fixed charges		(A	)		(B	)		1.4			2.5			1.7			(C	)
Preferred stock dividend requirements of Alcoa Inc.		1			2			4			3			3			2
Total fixed charges and preferred stock dividends	$	272		$	594		$	630		$	673		$	631		$	675
Ratio of earnings to combined fixed charges and preferred stock dividends		(D	)		(E	)		1.4			2.4			1.7			(F	)

(A) For the six months ended June 30, 2014, there was a deficiency of earnings to cover the fixed charges of $2.

(B) For the year ended December 31, 2013, there was a deficiency of earnings to cover the fixed charges of $1,792.

(C) For the year ended December 31, 2009, there was a deficiency of earnings to cover the fixed charges of $1,594.

(D) For the six months ended June 30, 2014, there was a deficiency of earnings to cover the combined fixed charges and preferred stock dividends of $3.

(E) For the year ended December 31, 2013, there was a deficiency of earnings to cover the combined fixed charges and preferred stock dividends of $1,794.

(F) For the year ended December 31, 2009, there was a deficiency of earnings to cover the combined fixed charges and preferred stock dividends of $1,596.