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 --------------------------------- 2003 2002 2002 2001 2000 1999 1998 ---- ---- ---- ---- ---- ---- ---- Portion of rentals representing interest $ 27 $ 25 $ 34 $ 45 $ 48 $ 46 $ 52 Capitalized interest 6 4 6 1 3 6 6 Other interest and fixed charges 116 102 136 153 115 75 47 Pretax earnings which would be required to cover preferred stock dividend requirements 22 - - 12 12 14 15 ---- ---- ---- ---- ---- ---- ---- Combined fixed charges and preferred stock dividends (A) $ 171 $ 131 $ 176 $ 211 $ 178 $ 141 $ 120 ==== ==== ==== ==== ==== ==== ==== Earnings-pretax income with applicable adjustments (B) $(618) $ 175 $ 183 $(387) $ 187 $ 295 $ 618 ==== ==== ==== ==== ==== ==== ==== Ratio of (B) to (A) (a) 1.34 1.04 (b) 1.05 2.10 5.15 ==== ==== ==== ==== ==== ==== ==== (a) Earnings did not cover fixed charges and preferred stock dividends by $789 million. (b) Earnings did not cover fixed charges and preferred stock dividends by $598 million.