Exhibit 12.1

 

United States Steel Corporation

Computation of Ratio of Earnings to Combined Fixed Charges

and Preferred Stock Dividends

TOTAL ENTERPRISE BASIS—Unaudited

Continuing Operations

(Dollars in Millions)

 

     Nine Months
Ended
September 30,


   Year Ended December 31,

(Dollars in Millions)    2005    2004    2004    2003     2002   2001     2000

Portion of rentals representing interest

   $ 36    $ 37    $ 51    $ 46     $ 34   $ 45     $ 48

Capitalized interest

     7      6      8      8       6     1       3

Other interest and fixed charges

     59      103      131      156       136     153       115

Pretax earnings which would be required to cover preferred stock dividend requirements

     18      18      23      33       -     12       12
    

  

  

  


 

 


 

Combined fixed charges and preferred stock dividends (A)

   $ 120    $ 164    $ 213    $ 243     $ 176   $ 211     $ 178
    

  

  

  


 

 


 

Earnings-pretax income (loss) with applicable adjustments (B)

   $ 1,217    $ 1,028    $ 1,638    $ (604 )   $ 183   $ (387 )   $ 187
    

  

  

  


 

 


 

Ratio of (B) to (A)

     10.14      6.27      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.