Exhibit 12.3
UNITED STATES STEEL CORPORATION
COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
| Nine Months Ended September 30, |
Year Ended Dec. 31, |
||||||||
| (Dollars in Millions) | 2004 | 2003 | 2003 | ||||||
| Combined fixed charges and preferred stock dividends as reported |
$164 | $171 | $243 | ||||||
| Pro forma adjustment for debt refinancing |
(9 | ) | (18 | ) | (25 | ) | |||
| Pro forma combined fixed charges and preferred stock dividends (A) |
$155 | $153 | $218 | ||||||
| Earnings-pretax income (loss) with applicable adjustments as reported |
$1,028 | $(618 | ) | $(604 | ) | ||||
| Pro forma adjustment for debt refinancing |
9 | 18 | 25 | ||||||
| Pro forma earnings-pretax income (loss) with applicable adjustments (B) |
$1,037 | $(600 | ) | $(579 | ) | ||||
| Ratio of (B) to (A) |
6.69 | (a | ) | (b | ) | ||||
| (a) | Pro forma earnings did not cover pro forma fixed charges and preferred stock dividends by $753 million. |
| (b) | Pro forma earnings did not cover pro forma fixed charges and preferred stock dividends by $797 million. |