Exhibit 12.1 UNITED STATES STEEL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Unaudited) ---------------------------------------------------------- (Dollars in Millions)
Six Months Ended Year Ended December 31 June 30 --------------------------------------------------------- 2003 2002 2002 2001 2000 1999 1998 ---- ---- ---- ---- ---- ---- ---- Portion of rentals representing interest ............... $ 17 $ 21 $ 34 $ 45 $ 48 $ 46 $ 52 Capitalized interest ................... 4 - 6 1 3 6 6 Other interest and fixed charges ............................. 81 68 136 153 115 75 47 Pretax earnings which would be required to cover preferred stock dividend requirements ........................ 10 - - 12 12 14 15 ----- ----- ----- ----- ----- ----- ----- Combined fixed charges and preferred stock dividends (A) ....................... $ 112 $ 89 $ 176 $ 211 $ 178 $ 141 $ 120 ===== ===== ===== ===== ===== ===== ===== Earnings-pretax income with applicable adjustments (B) ..................... $ 42 $ 23 $ 183 $(387) $ 187 $ 295 $ 618 ===== ===== ===== ===== ===== ===== ===== Ratio of (B) to (A) .................... (a) (b) 1.04 (c) 1.05 2.10 5.15 ===== ===== ===== ===== ===== ===== =====
(a) Earnings did not cover fixed charges and preferred stock dividends by $70 million. (b) Earnings did not cover fixed charges and preferred stock dividends by $66 million. (c) Earnings did not cover fixed charges and preferred stock dividends by $598 million.