1 EXHIBIT 12.1 Golden Northwest Aluminum Company Statement of Ratio of Earnings to Fixed Charges Year Ended December 31, 1999 (Amounts in Thousands) Fixed Charges: Interest expense $21,977 Capitalized interest 576 Preferred stock dividend requirement 3,648 (1) ------------- Fixed charges $ 26,201 ============= Earnings: Loss before income taxes $ (23,656) Fixed charges 26,201 Interest capitalized (576) Preferred stock dividend requirement (3,648) ------------- $ (1,679) ============= Deficiency of earnings to cover fixed charges $ 27,880 ============= (1) No consideration given to tax effect due to tax benefit recognized in 1999.