EXHIBIT 12.01 HAYNES INTERNATIONAL, INC. RATIO OF EARNINGS BEFORE FIXED CHARGES TO FIXED CHARGES 1994 1995 1996 1997 1998 --------- -------- ------- ---------- ---------- Line 1 Income (Loss) before income taxes, extraordinary item and cumulative effect of change in accounting principle $(60,446) $(5,458) $ 160 $ 3,705 $ 4,773 Line 2 Interest on indebtedness 18,236 18,789 20,638 19,464 19,924 Line 3 Amortization of debt issuance costs 1,680 1,444 1,353 1,144 1,247 Line 4 Estimated interest portion of rental expense 522 477 464 589 564 --------- -------- ------- ---------- ---------- Line 5 Total earnings before fixed charges $(40,008) $15,252 $22,615 $ 24,902 $ 26,508 Line 6 Interest on indebtedness $ 18,236 $18,789 $20,638 $19,596(1) 19,934(1) Line 7 Amortization of debt issuance costs 1,680 1,444 1,353 1,144 1,247 Line 8 Estimated interest portion of rental expense 522 477 464 589 564 --------- -------- ------- ---------- ---------- Line 9 Total fixed charges $ 20,438 $20,710 $22,455 $ 21,329 $ 21,745 Ratio of earnings before fixed charges to fixed charges N/A(2) N/A(2) 1.01 1.17 1.22 <FN> (1) Includes $132 and $10, for 1997 and 1998, respectively, of capitalized interest expense. (2) Earnings before fixed charges were insufficient to cover fixed charges. PAGE