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)

   2006    2005    2004    2003     2002

Portion of rentals representing interest

   $ 44    $ 45    $ 51    $ 46     $ 34

Capitalized interest

     3      12      8      8       6

Other interest and fixed charges

     123      87      131      156       136

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

     10      25      23      35       —  
                                   

Combined fixed charges and preferred stock dividends (A)

   $ 180    $ 169    $ 213    $ 245     $ 176
                                   

Earnings-pretax income with applicable adjustments (B)

   $ 1,884    $ 1,467    $ 1,687    $ (559 )   $ 202
                                   

Ratio of (B) to (A)

     10.47      8.68      7.92      (a )     1.15

(a) Earnings did not cover fixed charges and preferred stock dividends by $804 million.