Exhibit 12.3

 

 

UNITED STATES STEEL CORPORATION

COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Unaudited)

 

     Year Ended Dec. 31,  
 (Dollars in Millions)    2004     2003  

 Combined fixed charges and preferred stock

    dividends as reported

    $213     $243  

 Pro forma adjustment for debt refinancing

    (9 )   (25 )  

 

 Pro forma combined fixed charges and

    preferred stock dividends (A)

    $204     $218  

 

 Earnings-pretax income (loss) with applicable

    adjustments as reported

    $1,638     $(604 )

 Pro forma adjustment for debt refinancing

    9     25  

 

 Pro forma earnings-pretax income (loss) with

    applicable adjustments (B)

    $1,647     $(579 )

 

 Ratio of (B) to (A)

    8.07     (a)  
   (a) Pro forma earnings did not cover pro forma fixed charges and preferred
    stock dividends by $797 million.