EXHIBIT 12
SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
Years Ended April 30,
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1994 1995 1996 1997 1998
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Fixed charges, as defined:
Interest on long-term debt $ 7,384 $10,127 $11,758 $11,769 $12,300
Amortization of debt issue costs 422 474 476 368 383
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Total fixed charges $ 7,806 $10,601 $12,234 $12,137 $12,683
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Earnings, as defined:
Income (loss) before income taxes
and extraordinary item $(2,353) $ 2,022 $(3,091) $(3,509) $ 1,302
Fixed charges (as shown above) 7,806 10,601 12,234 12,137 12,683
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Earnings available for fixed $ 5,453 $12,623 $ 9,143 $ 8,628 $13,985
charges ======= ======= ======= ======= =======
Ratio of earnings to fixed charges .70x 1.19x .75x .71x 1.10x
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