1 EXHIBIT 12.1 Golden Northwest Aluminum Company Statement of Ratio of Earnings to Fixed Charges Year ended December 31, 2000 (Amounts in Thousands) 2000 -------- Fixed Charges: Interest expense $ 23,701 Capitalized interest 498 Preferred stock dividend requirement 5,527 (1) -------- Fixed charges $ 29,726 ======== Earnings: Loss before income taxes $ (2,434) Fixed charges 29,726 Amortization of capitalized interest 50 Interest capitalized (498) Preferred stock dividend requirement (5,527) -------- $ 21,317 ======== Deficiency of earnings to cover fixed charges $ 8,409 ======== (1) Tax rate of 34% used for purposes of calculation.