Commonwealth Industries, Inc.
                        Computation of Net Income Per Share
                       (in thousands except per share data)



                                                                                                                   
Three months ended March 31,                                                            1998        1997
Income (numerator) amounts used for basic and diluted per share computations:
Net income                                                                               $ 2,794     $ 2,168
                                                                                    =============  ==========

Shares (denominator) used for basic per share computations:
Weighted average shares of common stock outstanding                                       15,947      10,206
                                                                                    =============  ==========

Shares (denominator) used for diluted per share computations:
Weighted average shares of common stock outstanding                                       15,947      10,206
Plus: dilutive effect of stock options                                                         9          34
                                                                                    -------------  ----------
Adjusted weighted average shares                                                          15,956      10,240
                                                                                    =============  ==========

Net income per share data:
    Basic and diluted                                                                     $ 0.18      $ 0.21
                                                                                    =============  ==========