Alcoa and subsidiaries                                 EXHIBIT 12


        Computation of Ratio of Earnings to Fixed Charges
             For the six months ended June 30, 1996
                   (in millions, except ratio)

                                                             1996
                                                             ----
                                                       
Earnings:                                        
   Income before taxes on income                          $  657.7
   Minority interests' share of earnings of majority-
      owned subsidiaries without fixed charges                 1.8
   Equity income                                             (18.0)
   Fixed charges                                              82.1
   Proportionate share of income of 50%-owned persons         15.2
   Distributed income of less than 50%-owned persons           -

   Amortization of capitalized interest                       11.9
                                                           -------
      Total earnings                                      $  750.7
                                                 
Fixed Charges:                                   
   Interest expense:                             
      Consolidated                                        $   65.7
      Proportionate share of 50%-owned persons                 2.5
                                                           -------
                                                              68.2
                                                           -------
   Amount representative of the interest factor in rents: 
      Consolidated                                            13.7
      Proportionate share of 50%-owned persons                  .2
                                                           -------
                                                              13.9
                                                           -------
                                                 
   Fixed charges added to earnings                            82.1
                                                           -------
                                                 
   Interest capitalized:                         
      Consolidated                                             1.8
      Proportionate share of 50%-owned persons                 -
                                                           -------
                                                               1.8
                                                           -------
                                                 
   Preferred stock dividend requirements of      
      majority-owned subsidiaries                              -
                                                           -------
                                                 
      Total fixed charges                                 $   83.9
                                                           =======  
                                                 
Ratio of earnings to fixed charges                             8.9
                                                           =======

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