Exhibit 12.01 Statement re: computation of ratio of
earnings to fixed charges.
Haynes International, Inc.
Ratio of Earnings Before Fixed Charges to Fixed Charges
1992 1993 1994
-------------- -------------- --------------
Line 1 Income (loss) before income ($28,091) ($11,717) ($60,446)
taxes, extraordinary item and
cumulative effect of change in
accounting principle
Line 2 Interest on indebtedness 19,211 16,792 18,236
Line 3 Amortization of debt issuance 1,333 2,120 1,680
costs
-------------- -------------- --------------
Line 4 Total earnings before fixed ($7,547) $ 7,195 ($40,530)
charges (Line 1 plus Line 2 plus
Line 3)
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Line 5 Interest on indebtedness $ 19,211 $ 16,792 $ 18,236
Line 6 Amortization of debt issuance 1,333 2,120 1,680
costs
-------------- -------------- --------------
Line 7 Total fixed charges (Line 5 $ 20,544 $ 18,912 $ 19,916
plus Line 6)
Ratio of earnings before
fixed charges to fixed
charges (Line 4 divided by
Line 7) N/A * N/A * N/A *
1995 1996
-------------- --------------
Line 1 ($5,458) $ 160
Line 2 18,789 20,638
Line 3 1,444 1,353
-------------- --------------
Line 4 $ 14,775 $ 22,151
Line 5 $ 18,789 $ 20,638
Line 6 1,444 1,353
-------------- --------------
Line 7 $ 20,233 $ 21,991
Ratio of earnings before
fixed charges to fixed
charges (Line 4 divided by
Line 7) N/A * 1.01
<FN>
* Earnings before fixed charges were insufficient to cover fixed charges.