Exhibit 12.1

United States Steel Corporation
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)

 
 
Year Ended December 31,
(Dollars in Millions)
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
 
Loss (earnings) before income taxes and noncontrolling interests
 
$
(1,459
)
 
$
170

 
$
(2,232
)
 
$
6

 
$
27

Fixed charges, as shown below
 
282

 
301

 
373

 
306

 
280

Adjustment for equity income
 
(38
)
 
(142
)
 
(40
)
 
(144
)
 
(85
)
Capitalized Interest
 
(14
)
 
(14
)
 
(19
)
 
(41
)
 
(39
)
Distributions from equity affiliates
 
11

 
8

 
13

 
99

 
33

Adjusted Earnings (Loss) (A)
 
$
(1,218
)
 
$
323

 
$
(1,905
)
 
$
226

 
$
216

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Portion of rentals representing interest(a)
 
$
43

 
$
41

 
$
41

 
$
34

 
$
36

Capitalized interest
 
14

 
14

 
19

 
41

 
39

Other interest and fixed charges
 
225

 
246

 
313

 
231

 
205

Total fixed charges (B)
 
$
282

 
$
301

 
$
373

 
$
306

 
$
280

Ratio of (A) to (B)
 
(e)

 
1.07

 
(d)

 
(c)

 
(b)

(a)
The interest portion of the rental expense is calculated based on the appropriate proportion deemed representative of the interest component (i.e., one third of rental expense).
(b)
Earnings did not cover fixed charges by $64 million.
(c)
Earnings did not cover fixed charges by $80 million.
(d)
Earnings did not cover fixed charges by $2,278 million.
(e)
Earnings did cover fixed charges by $1,500 million.