Exhibit 12.1
United States Steel Corporation
Computation of Ratio of Earnings to Combined Fixed Charges
And Preferred Stock Dividends
Unaudited
(Dollars in Millions)
| Year Ended December 31 | |||||||||||||||||
| 2003 |
2002 |
2001 |
2000 |
1999 | |||||||||||||
| Portion of rentals representing interest |
$ | 46 | $ | 34 | $ | 45 | $ | 48 | $ | 46 | |||||||
| Capitalized interest |
8 | 6 | 1 | 3 | 6 | ||||||||||||
| Other interest and fixed charges |
156 | 136 | 153 | 115 | 75 | ||||||||||||
| Pretax earnings which would be required to cover preferred stock dividend requirements |
33 | — | 12 | 12 | 14 | ||||||||||||
| Combined fixed charges and preferred stock dividends (A) |
$ | 243 | $ | 176 | $ | 211 | $ | 178 | $ | 141 | |||||||
| Earnings — pretax income with applicable adjustments (B) |
$ | (604 | ) | $ | 183 | $ | (387 | ) | $ | 187 | $ | 295 | |||||
| Ratio of (B) to (A) |
(a) | 1.04 | (a) | 1.05 | 2.10 | ||||||||||||
| (a) | Earnings did not cover combined fixed charges and preferred stock dividends by $847 million in 2003 and by $598 million in 2001 |