Exhibit 12 REYNOLDS METALS COMPANY RATIO OF EARNINGS TO FIXED CHARGES (In Millions) Nine Months Years Ended December 31 Ended September 30 ----------------------------------- -------------------- 1994 1995 1996 1997 1998 1998 1999 ----------------------------------- -------------------- FIXED CHARGES Interest expensed and capitalized $161 $179 $173 $161 $126 $101 $ 73 Estimate of interest within rental expense 15 16 17 15 12 9 9 ----------------------------------- -------------------- TOTAL FIXED CHARGES $176 $195 $190 $176 $138 $110 $ 82 =================================== ==================== EARNINGS Additions: Pre-tax income (loss) from continuing operations before adjustment for minority interest or equity earnings $170 $530 $120 $230 $198 $292 $ 92 Fixed charges (from above) 176 195 190 176 138 110 82 Amortization of capitalized interest 4 4 4 4 3 3 2 Distributed income of equity investees 1 2 5 7 12 2 - Subtractions: Interest capitalized (5) (7) (13) (8) (12) (7) (16) ----------------------------------- -------------------- TOTAL EARNINGS $346 $724 $306 $409 $339 $400 $160 =================================== ==================== RATIO OF EARNINGS TO FIXED CHARGES 2.0 3.7 1.6 2.3 2.5 3.6 2.0