Exhibit 12.1

 

 

UNITED STATES STEEL CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Unaudited)

 

 

     Year Ended December 31,
  (Dollars in Millions)            2004            2003             2002            2001             2000  

 Portion of rentals representing interest

    $51    $46     $34    $45     $48  

 Capitalized interest

    8    8     6    1     3  

 Other interest and fixed charges

    131    156     136    153     115  

 Pretax earnings which would be

  required to cover preferred

      stock dividend requirements

    23    33     -    12     12  

 

 Combined fixed charges and

      preferred stock dividends (A)

    $213    $243     $176    $211     $178  

 

 Earnings-pretax income (loss) with

      applicable adjustments (B)

    $1,638    $(604 )   $183    $(387 )   $187  

 

 Ratio of (B) to (A)

    7.69    (a)     1.04    (b)     1.05  

 

 

 (a) Earnings did not cover fixed charges and preferred stock dividends by $847 million.
 (b) Earnings did not cover fixed charges and preferred stock dividends by $598 million.