Exhibit 12.1 UNITED STATES STEEL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Unaudited) --------------------------------------------------------- (Dollars in millions) Nine Months Ended Year Ended December 31 September 30 --------------------------------- 2002 2001 2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- ---- ---- Portion of rentals representing interest $ 22 $ 31 $ 45 $ 48 $ 46 $ 52 $ 47 Capitalized interest 4 1 1 3 6 6 7 Other interest and fixed charges 101 88 153 115 75 47 91 Pretax earnings which would be required to cover preferred stock dividend requirements of parent (a) - 10 12 12 14 15 20 ---- ---- ---- ---- ---- ---- ---- Combined fixed charges and preferred stock dividends $127 $ 130 $ 211 $ 178 $ 141 $ 120 $ 165 ==== ==== ==== ==== ==== ==== ==== Earnings-pretax income with applicable adjustments $172 $(147) $(387) $ 187 $ 295 $ 618 $ 781 ==== ==== ==== ==== ==== ==== ==== Ratio of earnings to combined fixed charges and preferred stock dividends 1.35 (b) (c) 1.05 2.10 5.15 4.72 ==== ==== ==== ==== ==== ==== ==== (a) Reflects pretax earnings required to cover dividends associated with the 6.50% Cumulative Convertible Preferred Stock attributed to U. S. Steel by Marathon prior to the Separation. This preferred stock was retained by Marathon in connection with the Separation and subsequently repaid by Marathon. (b) Earnings did not cover combined fixed charges and preferred stock dividends by $277 million. (c) Earnings did not cover combined fixed charges and preferred stock dividends by $598 million.