Exhibit 12.3
UNITED STATES STEEL CORPORATION
COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
| Six Months Ended June 30, |
Year Ended Dec. 31, |
|||||||||||
| (Dollars in Millions) | 2004 | 2003 | 2003 | |||||||||
| Combined fixed charges and preferred stock dividends as reported |
$ | 134 | $ | 118 | $ | 243 | ||||||
| Pro forma adjustment for debt refinancing |
(9 | ) | (11 | ) | (25 | ) | ||||||
| Pro forma combined fixed charges and preferred stock dividends (A) |
$ | 125 | $ | 107 | $ | 218 | ||||||
| Earnings-pretax income (loss) with applicable adjustments as reported |
$ | 519 | $ | 42 | $ | (604 | ) | |||||
| Pro forma adjustment for debt refinancing |
9 | 11 | 25 | |||||||||
| Pro forma earnings-pretax income (loss) with applicable adjustments (B) |
$ | 528 | $ | 53 | $ | (579 | ) | |||||
| Ratio of (B) to (A) |
4.22 | (a | ) | (b | ) | |||||||
| (a) | Pro forma earnings did not cover pro forma fixed charges and preferred stock dividends by $54 million. |
| (b) | Pro forma earnings did not cover pro forma fixed charges and preferred stock dividends by $797 million. |