United States Steel (X) 10-K 2005 FY Annual report

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.