EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Renco Steel Holdings, Inc.
and Predecessor
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Year Ended October 31, Three Months Ended Pro Forma Pro Forma
January 31, Year Three Months
--------------------------------------------------------------- Ended Ended
October 31, January 31,
1993 1994 1995 1996 1997 1997 1998 1997 1998
------ ------ ------ ------ ------ ------ ------ --------- ----------
Income before taxes and
extraordinary loss. 23,636 51,029 23,308 44,211 33,919 1,540 5,621 20,236 2,199
Fixed charges................. 23,214 28,926 26,066 25,263 32,064 7,609 8,123 45,747 11,545
Minority interest............. -- 1,763 2,465 2,944 423 423 -- 423 --
------ ------ ------ ------ ------ ------ ------ ------- ------
Earnings.................... 46,850 81,718 51,839 72,418 66,406 9,572 13,744 66,406 13,744
Interest expense.............. 18,108 26,437 23,607 22,788 30,255 7,121 7,677 43,305 10,940
Amortization of financing
costs...................... 5,074 2,272 2,180 2,180 1,435 404 337 2,068 496
Rental/Lease interest......... 32 217 279 295 374 84 109 374 109
------ ------ ------ ------ ------ ------ ------ ------- ------
Fixed charges............... 23,214 28,926 26,066 25,263 32,064 7,609 8,123 45,747 11,545
Ratio of earnings to
fixed charges........... 2.0x 2.8x 2.0x 2.9x 2.1x 1.3x 1.7x 1.4x 1.2x
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