<TABLE>
<CAPTION>
Exhibit 12.01
Haynes International, Inc.
Ratio of Earnings Before Fixed Charges to Fixed Charges
1996 1997 1998 1999 2000
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Line 1 Income (loss) before income taxes, $ 160 $ 3,705 $ 4,773 $(5,755) $(6,977)
extraordinary item and cumulative
effect of a change in accounting
principle
Line 2 Interest on indebtedness 20,638 19,464 19,924 19,102 21,494
Line 3 Amortization of debt issuance costs 1,353 1,144 1,247 1,246 1,152
Line 4 Estimated interest portion of 464 589 564 702 785
rental expense
Line 5 Total earnings before fixed charges $22,615 $24,902 $26,508 $15,295 $16,454
Line 6 Interest on indebtedness $20,638 $19,596(1) 19,934(1) 19,197(1) 21,494
Line 7 Amortization of debt issuance costs 1,353 1,144 1,247 1,246 1,152
Line 8 Estimated interest portion of 464 589 564 702 785
rental expense
Line 9 Total fixed charges $22,455 $21,329 $21,745 $21,145 $23,431
Ratio of earnings before fixed 1.01 1.17 1.22 N/A(2) N/A(2)
charges to fixed charges
--------------------------
<FN>
(1) Includes $132, $10, and $95 for 1997, 1998 and 1999, respectively, of capitalized interest expense.
(2) Earnings before fixed charges were insufficient to cover fixed charges.
</FN>
</TABLE>
- 70 -