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)

    2005    2004*    2003*     2002*    2001*  

Portion of rentals representing interest

    $ 45    $ 51    $ 46     $ 34    $ 45  

Capitalized interest

      12      8      8       6      1  

Other interest and fixed charges

      87      131      156       136      153  

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

      25      23      35       —        12  
                                     

Combined fixed charges and preferred stock dividends (A)

    $ 169    $ 213    $ 245     $ 176    $ 211  
                                     

Earnings-pretax income with applicable adjustments (B)

    $ 1,467    $ 1,687    $ (559 )   $ 202    $ (382 )
                                     

Ratio of (B) to (A)

      8.68      7.92      (a )     1.15      (b )
* During the fourth quarter of 2005, U.S. Steel changed its method of determining the cost of U. S. Steel Kosice’s inventories from the last-in, first-out method to the first-in, first-out method. Prior year results have been adjusted to apply this change retrospectively.
(a) Earnings did not cover fixed charges and preferred stock dividends by $804 million.
(b) Earnings did not cover fixed charges and preferred stock dividends by $593 million.