EXHIBIT 12.1



CALIFORNIA STEEL INDUSTRIES, INC. AND SUBSIDIARY



Computation of Ratio of Earnings to Fixed Charges



(All dollar amounts in thousands)



|                                            |  |      |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|------------------------------------------- |  | ---- | ------ | - | ---- | - | ------ | ---- |  | - | ------ | - |  | ---- | ------ | - |  | - | ------ | -
|                                            |  | 2003 |        |   | 2002 |   |        | 2001 |  |   | 2000   |   |  | 1999 |       
|Income (loss) before income taxes           |  | $    | 6,815  |   |      | $ | 58,139 |      |  | $ | (7,317 | ) |  | $    | 56,138 |   |  | $ | 77,027 |  
|Equity income                               |  |      | (1,950 | ) |      |   | (150   | )    |  |   | (1,274 | ) |  |      | (2,229 | ) |  |   | (75    | )
|Equity dividends                            |  |      | 1,962  |   |      |   | 567    |      |  |   | 243    |   |  |      | 879    |   |  |   |       |  
|Fixed charges                               |  |      | 14,323 |   |      |   | 16,039 |      |  |   | 17,768 |   |  |      | 20,458 |   |  |   | 18,378 |  
|Amortization of capitalized interest        |  |      | 581    |   |      |   | 553    |      |  |   | 552    |   |  |      | 534    |   |  |   | 686    |  
|Capitalized interest                        |  |      | (52    | ) |      |   | (319   | )    |  |   | (118   | ) |  |      | (300   | ) |  |   | (588   | )
|                                            |  |      |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Earnings                                    |  |      | 21,679 |   |      |   | 74,829 |      |  |   | 9,854  |   |  |      | 75,480 |   |  |   | 95,428 |  
|                                            |  |      |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Imputed interest relating to rental expense |  |      | 421    |   |      |   | 464    |      |  |   | 468    |   |  |      | 460    |   |  |   | 470    |  
|Interest expense                            |  |      | 13,291 |   |      |   | 14,954 |      |  |   | 16,679 |   |  |      | 19,377 |   |  |   | 17,391 |  
|Amortized expenses related to indebtedness  |  |      | 611    |   |      |   | 621    |      |  |   | 621    |   |  |      | 621    |   |  |   | 517    |  
|                                            |  |      |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Fixed Charges                               |  |      | 14,323 |   |      |   | 16,039 |      |  |   | 17,768 |   |  |      | 20,458 |   |  |   | 18,378 |  
|                                            |  |      |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Ratio of earnings to fixed charges(1)       |  |      | 1.5    |   |      |   | 4.7    |      |  |   |       |   |  |      | 3.7    |   |  |   | 5.2    |  
|                                            |  |      |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  



(1)In 2001, there was a deficiency of earnings to fixed charges of $7,914,000.