EXHIBIT 12


                OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

         Computation of Ratio of Earnings to Fixed Charges (Unaudited)
                                 (In millions)



                                                       Six Months
                                                      Ended June 30,
                                                   ------------------
                                                    1998        1997 
                                                   ------      ------ 

Earnings:                                      
Income before taxes                                $118.6      $122.7
Add (deduct):                                  
   Income taxes of 50% owned affiliates               0.9         1.4
                                               
   Equity in income of less than 50%           
      owned affiliates                               (0.7)       (1.8)
                                               
   Dividends received from less                
     than 50% owned affiliates                        1.4         1.7
                                               
                                               
   Interest capitalized, net of amortization          0.2        (0.4)
                                               
   Fixed charges as described below                  18.7        22.9 
                                                   ------      ------ 

         Total                                     $139.1      $146.5 
                                                   ======      ====== 
                                               
Fixed Charges:                                 
   Interest expense                                 $ 9.7      $ 15.1
                                               
   Estimated interest factor in rent expense          9.0         7.8 
                                                   ------      ------ 

         Total                                     $ 18.7      $ 22.9 
                                                   ======      ======       
                                               
Ratio of earnings to fixed charges                    7.4         6.4 
                                                   ======      ======