Exhibit 12.1
UNITED STATES STEEL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
| Three Months Ended March 31, |
Year Ended December 31, | |||||||||||||||||||||||
| (Dollars in Millions) | 2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||
| Portion of rentals representing interest |
$ | 14 | $ | 7 | $ | 46 | $ | 34 | $ | 45 | $ | 48 | $ | 46 | ||||||||||
| Capitalized interest |
2 | 2 | 8 | 6 | 1 | 3 | 6 | |||||||||||||||||
| Other interest and fixed charges |
51 | 35 | 156 | 136 | 153 | 115 | 75 | |||||||||||||||||
| Pretax earnings which would be required to cover preferred stock dividend requirements |
6 | 6 | 33 | — | 12 | 12 | 14 | |||||||||||||||||
| Combined fixed charges and preferred stock dividends (A) |
$ | 73 | $ | 50 | $ | 243 | $ | 176 | $ | 211 | $ | 178 | $ | 141 | ||||||||||
| Earnings-pretax income with applicable adjustments (B) |
$ | 163 | $ | (35 | ) | $ | (604 | ) | $ | 183 | $ | (387 | ) | $ | 187 | $ | 295 | |||||||
| Ratio of (B) to (A) |
2.23 | (a) | (b) | 1.04 | (c) | 1.05 | 2.10 | |||||||||||||||||
| (a) | Earnings did not cover fixed charges and preferred stock dividends by $85 million. |
| (b) | Earnings did not cover fixed charges and preferred stock dividends by $847 million. |
| (c) | Earnings did not cover fixed charges and preferred stock dividends by $598 million. |