EXHIBIT 12
REYNOLDS METALS COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS)
YEARS ENDED DECEMBER 31 1ST QUARTER
----------------------------- -----------
1994 1995 1996 1997 1998 1998 1999
----------------------------- -----------
FIXED CHARGES
Interest expensed and capitalized $161 $179 $173 $161 $126 $ 36 $24
Estimate of interest within
rental expense 15 16 17 15 12 3 3
----------------------------- -----------
TOTAL FIXED CHARGES $176 $195 $190 $176 $138 $ 39 $27
============================= ===========
EARNINGS
Additions:
Pre-tax income (loss) from
continuing operations before
adjustment for minority interest
or equity earnings $170 $530 $120 $230 $198 $ 82 $(5)
Fixed charges (from above) 176 195 190 176 138 39 27
Amortization of capitalized
interest 4 4 4 4 3 1 1
Distributed income of equity
investees 1 2 5 7 12 1 -
Subtractions:
Interest capitalized (5) (7) (13) (8) (12) (2) (5)
----------------------------- -----------
TOTAL EARNINGS $346 $724 $306 $409 $339 $121 $18
============================= ===========
RATIO OF EARNINGS TO FIXED
CHARGES 2.0 3.7 1.6 2.3 2.5 3.1
DEFICIT $(9)