EXHIBIT 12.01 HAYNES INTERNATIONAL, INC. RATIO OF EARNINGS BEFORE FIXED CHARGES TO FIXED CHARGES 1993 1994 1995 1996 1997 Line 1 Income (Loss) before $(11,717) $(60,446) $(5,458) $ 160 $ 3,705 income taxes, extraordinary item and cumulative effect of change in accounting principle Line 2 Interest on indebtedness 16,792 18,236 18,789 20,638 19,464 Line 3 Amortization of debt 2,120 1,680 1,444 1,353 1,144 issuance costs Line 4 Estimated interest portion 536 522 477 464 589 of rental expense Line 5 Total earnings before fixed $ 7,731 $(40,008) $15,252 $22,615 $ 24,902 charges Line 6 Interest on indebtedness $ 16,792 $ 18,236 $18,789 $20,638 $19,596(1) Line 7 Amortization of debt 2,120 1,680 1,444 1,353 1,144 issuance costs Line 8 Estimated interest portion 536 522 477 464 589 of rental expense Line 9 Total fixed charges $ 19,448 $ 20,438 $20,710 $22,455 $ 21,329 Ratio of earnings before N/A(2) N/A(2) N/A(2) 1.01 1.17 Fixed charges to fixed charges <FN> (1) Includes $132 of capitalized interest expense. (2) Earnings before fixed charges were insufficient to cover fixed charges.