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) |
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||
| Portion of rentals representing interest |
$ | 32 | $ | 44 | $ | 45 | $ | 51 | $ | 46 | |||||||
| Capitalized interest |
7 | 3 | 12 | 8 | 8 | ||||||||||||
| Other interest and fixed charges |
135 | 123 | 87 | 131 | 156 | ||||||||||||
| Pretax earnings which would be required to cover preferred stock dividend requirements |
— | 10 | 25 | 23 | 35 | ||||||||||||
| Combined fixed charges and preferred stock dividends (A) |
$ | 174 | $ | 180 | $ | 169 | $ | 213 | $ | 245 | |||||||
| Earnings-pretax income with applicable adjustments (B) |
$ | 1,305 | $ | 1,884 | $ | 1,467 | $ | 1,687 | $ | (559 | ) | ||||||
| Ratio of (B) to (A) |
7.50 | 10.47 | 8.68 | 7.92 | (a | ) | |||||||||||
| (a) | Earnings did not cover fixed charges and preferred stock dividends by $804 million. |