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EXHIBIT 12
KAISER ALUMINUM & CHEMICAL CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS OF DOLLARS, EXCEPT RATIOS)
NINE MONTHS
ENDED
SEPTEMBER 30, YEAR ENDED DECEMBER 31,
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1996 1995 1995 1994 1993 1992 1991
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Earnings:
Consolidated Income (loss) from continuing
operations................................. $ 15.7 $ 43.1 $ 65.3 $ (96.2) $(117.6) $ 29.6 $124.7
Add (deduct) undistributed (earnings) losses
of less-than-fifty percent-owned
companies.................................. (7.5) (17.2) (19.2) 1.9 3.3 1.9 19.5
Add (deduct) minority interest share of
income (losses) of majority-owned
subsidiaries that have fixed charges....... (0.5) 1.0 0.4 (1.6) (4.3) (6.5) (7.6)
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Consolidated earnings (losses)........ 7.7 26.9 46.5 (95.9) (118.6) 25.0 136.6
Add provision (credit) for income taxes:
Consolidated provision for income taxes.... 8.4 24.6 37.4 (54.0) (86.9) 5.3 32.4
Add (deduct) minority interest share of tax
provision (credit) of majority-owned
subsidiaries that have fixed charges..... .9 2.1 2.3 0.6 0.2 0.2 (0.9)
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Pre-tax income (loss)................. 17.0 53.6 86.2 (149.3) (205.3) 30.5 168.1
Fixed charges included therein (see below)... 70.2 73.3 96.6 95.3 89.5 81.1 90.1
Deduct equity in losses of less-than-fifty
percent owned companies where the Company
has guaranteed the debt of such
companies.................................. (4.7) (2.5) (4.4)
Previously capitalized interest amortized
during the period.......................... 1.1 0.9 1.2 1.2 1.0 0.7 0.7
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Total earnings........................ $ 88.3 $127.8 $184.0 $ (57.5) $(117.3) $112.3 $254.5
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Fixed Charges:
Interest expense (includes amortization of
deferred financing cost)................... $ 68.3 $ 71.3 $ 93.9 $ 88.6 $ 84.2 $ 78.7 $ 82.7
Portion of rental expense representative of
the interest factor........................ 1.9 2.0 2.7 2.6 2.3 2.4 2.0
Interest expense related to guaranteed debt
of less-than-fifty-percent owned companies
incurring losses........................... 4.1 3.0 5.4
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Consolidated fixed charges added to
pre-tax income...................... 70.2 73.3 96.6 95.3 89.5 81.1 90.1
Capitalized interest......................... 3.2 1.9 2.8 2.7 3.4 4.4 4.2
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Total fixed charges................... $ 73.4 $ 75.2 $ 99.4 $ 98.0 $ 92.9 $ 85.5 $ 94.3
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Consolidated Ratio of Earnings to Fixed
Charges...................................... 1.20x 1.70x 1.85x -- -- 1.31x 2.7x
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Fixed Charge Coverage Deficiency............... $ 155.5 $ 210.2