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




Three months ended June 30,                                                             1998        1997
- ---------------------------                                                             ----        ----
                                                                                              
Income (numerator) amounts used for basic and diluted per share computations:
Net income (loss)                                                                       $ (2,643)    $ 4,163
                                                                                       ==========   =========

Shares (denominator) used for basic per share computations:
Weighted average shares of common stock outstanding                                       15,944      10,208
                                                                                       ==========   =========

Shares (denominator) used for diluted per share computations:
Weighted average shares of common stock outstanding                                       15,944      10,208
Plus: dilutive effect of stock options                                                         -          39
                                                                                       ----------   ---------
Adjusted weighted average shares                                                          15,944      10,247
                                                                                       ==========   =========

Net income (loss) per share data:
    Basic and diluted                                                                    $ (0.17)     $ 0.41
                                                                                       ==========   =========




Six months ended June 30,                                                               1998        1997
- -------------------------                                                               ----        ----
                                                                                                  
Income (numerator) amounts used for basic and diluted per share computations:
Net income                                                                                $ 151     $ 6,331
                                                                                      ==========   =========

Shares (denominator) used for basic per share computations:
Weighted average shares of common stock outstanding                                       15,944      10,207
                                                                                      ==========   ==========

Shares (denominator) used for diluted per share computations:
Weighted average shares of common stock outstanding                                       15,944      10,207
Plus: dilutive effect of stock options                                                         7          36
                                                                                      -----------  ----------
Adjusted weighted average shares                                                          15,951      10,243
                                                                                      ===========  ==========

Net income per share data:
    Basic and diluted                                                                     $ 0.01      $ 0.62
                                                                                      ===========  ==========

Options to purchase  276,500  common shares,  which equate to 3,401  incremental
common equivalent shares, were excluded from the calculation above for the three
months  ended June 30, 1998 as their  effect  would have been  antidilutive.  In
addition, options to purchase 286,500 and 3,000 common shares were excluded from
the  calculations  above for the three months and six months ended June 30, 1998
and the three and six months  ended June 30,  1997,  respectively,  because  the
exercise  prices on the options were  greater than the average  market price for
the periods.