Exhibit 12.1



IMCO RECYCLING INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)



|                                                                                                         |  |                                          |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|-------------------------------------------------------------------------------------------------------- |  | ---------------------------------------- | ------ | - | ---- | - | ------ | ---- |  | - | ------ | - |  | ---- | ------ | - |  | - | ------ | -
|                                                                                                         |  | For the twelve months ended December 31, |       
|                                                                                                         |  | 2003                                     |        |   | 2002 |   |        | 2001 |  |   | 2000   |   |  | 1999 |       
|                                                                                                         |  | Restated                                 |        |   |      |   |        |      |  |   |        |   |  |      |       
|Earnings:                                                                                                |  |                                          |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Income (loss) before income taxes, minority interest, and cumulative effect of accounting change         |  | $                                        | (1,496 | ) |      | $ | 11,268 |      |  | $ | (4,639 | ) |  | $    | 411    |   |  | $ | 32,304 |  
|Less: Equity earnings                                                                                    |  |                                          | (789   | ) |      |   | (2,403 | )    |  |   | (3,131 | ) |  |      | (3,060 | ) |  |   | (2,265 | )
|Add: Dividends                                                                                           |  |                                          | 150    |   |      |   | 2,828  |      |  |   | 1,054  |   |  |      | 750    |   |  |   | 450    |  
|                                                                                                         |  |                                          |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Sub-total:                                                                                               |  |                                          | (2,135 | ) |      |   | 11,693 |      |  |   | (6,716 | ) |  |      | (1,899 | ) |  |   | 30,489 |  
|                                                                                                         |  |                                          |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Add: Total fixed charges (per below)                                                                     |  |                                          | 17,945 |   |      |   | 11,255 |      |  |   | 12,581 |   |  |      | 19,954 |   |  |   | 14,911 |  
|Less: Interest capitalized                                                                               |  |                                          | 152    |   |      |   | 212    |      |  |   | 336    |   |  |      | 1,067  |   |  |   | 520    |  
|Total earnings (loss) before income taxes, minority interest, and cumulative effect of accounting change |  |                                          | 15,658 |   |      |   | 22,736 |      |  |   | 5,529  |   |  |      | 16,988 |   |  |   | 44,880 |  
|                                                                                                         |  |                                          |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Fixed Charges:                                                                                           |  |                                          |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Interest expense, including interest capitalized                                                         |  |                                          | 15,958 |   |      |   | 9,939  |      |  |   | 11,374 |   |  |      | 18,557 |   |  |   | 13,535 |  
|Portion of rental expense representative of the interest factor                                          |  |                                          | 1,987  |   |      |   | 1,316  |      |  |   | 1,207  |   |  |      | 1,397  |   |  |   | 1,376  |  
|                                                                                                         |  |                                          |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Total fixed charges                                                                                      |  |                                          | 17,945 |   |      |   | 11,255 |      |  |   | 12,581 |   |  |      | 19,954 |   |  |   | 14,911 |  
|                                                                                                         |  |                                          |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Ratio of Earnings to Fixed Charges                                                                       |  |                                          | (a     | ) |      |   | 2.0    |      |  |   | (a     | ) |  |      | (a     | ) |  |   | 3.0    |  
|                                                                                                         |  |                                          |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  

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|(a) | For fiscal years 2003, 2001 and 2000, earnings were insufficient to cover fixed charges by $2,287, $7,052 and $2,966, respectively.
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