Exhibit 12

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


	Predecessor Company									Successor Company
	Fiscal Year Ended April 30,						Three and One-Half Months Ended August 13, 2002			Eight and One-Half Months Ended April 30, 2003			Fiscal Year Ended April 30,
	2001			2002			Three and One-Half Months Ended August 13, 2002			Eight and One-Half Months Ended April 30, 2003			2004			2005
	(in thousands)
Earnings:
Pretax Income (Loss)	$	(17,406	)	$	(24,205	)	$	(3,295	)	$	(10,790	)	$	416		$	19,862
Consolidated (benefit) provision for income taxes		—			—			—			—			—			(2,592	)
Fixed Charges		17,673			10,584			979			4,689			7,173			10,472

Earnings		267			(13,621	)		(2,316	)		(6,101	)		7,544			27,742
Fixed Charges:
Interest expense on Indebtedness		16,919			9,735			762			3,805			4,723			8,651
Amortization of debt issuance costs		732			732			183			343			613			722
Amortization of discount on indebtedness		—			—			—			459			1,045			304
Interest element of rental expense		22			117			34			82			134			73

Fixed Charges		17,673			10,584			979			4,689			7,193			10,472
Ratio of earnings to fixed charges (1)		—			—			—			—			1.1	x		2.6	x

(1)

Earnings were insufficient to cover fixed charges in the fiscal year ended April 30, 2001 by approximately $17.4 million; in the fiscal year ended April 30, 2002 by approximately $24.2 million; in the three and one-half month period ended August 13, 2002 by approximately $3.3 million; and in the eight and one-half month period ended April 30, 2003 by approximately $10.8 million.

SHEFFIELD STEEL CORP 10-K