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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1995 1996 1997 1998 1999
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Fixed charges, as defined:
Interest on long-term debt $ 10,127 $ 11,758 $ 11,769 $ 12,300 $ 14,599
Amortization of debt issue costs 474 476 368 383 456
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Total fixed charges $ 10,601 $ 12,234 $ 12,137 $ 12,683 $ 15,055
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Earnings, as defined:
Income (loss) before income taxes
and extraordinary item $ 2,022 $ (3,091) $ (3,509) $ 1,302 $ 1,496
Fixed charges (as shown above) 10,601 12,234 12,137 12,683 15,055
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Earnings available for fixed charges $ 12,623 $ 9,143 $ 8,628 $ 13,985 $ 16,551
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Ratio of earnings to fixed charges 1.19x .75x .71x 1.10x 1.10x
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