EXHIBIT 12


                OLIN INCORPORATED AND CONSOLIDATED SUBSIDIARIES
         Computation of Ratio of Earnings to Fixed Charges (Unaudited)
                                 (In millions)




 
 
                                                                        Three Months
                                                                       Ended March 31,
                                                                 --------------------------
                                                                   1998                 1997 
                                                                   ----                 ----
                                                                                  
Earnings:                                                                           
Income before taxes                                               $59.6                $63.8
Add (deduct):                                                                       
   Income taxes of 50% owned affiliates                             0.5                  0.7
                                                                                    
   Equity in income of less than 50%                                                
      owned affiliates                                             (2.2)                (0.8)
                                                                                    
   Interest capitalized, net of amortization                        0.2                 (0.5)
                                                                                    
   Fixed charges as described below                                 9.4                 12.0
                                                               ---------            ---------
         Total                                                    $67.5                $75.2
                                                               =========            =========

Fixed Charges:                                                                      
   Interest expense                                               $ 4.8                $ 8.1
                                                                                    
   Estimated interest factor in rent expense                        4.6                  3.9
                                                               ---------            ---------
         Total                                                    $ 9.4                $12.0
                                                               =========            =========
                                                                                    
                                                                                    
Ratio of earnings to fixed charges                                  7.2                  6.3 
                                                               =========            =========