Exhibit 12.1
USX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
TOTAL ENTERPRISE BASIS - (Unaudited)
----------------------------------------------------------
(Dollars in Millions)
Nine Months
Ended Year Ended December 31
September 30 --------------------------------
1994 1993* 1993 1992 1991 1990 1989
---- ----- ---- ---- ---- ---- ----
Portion of rentals
representing interest $61 $63 $84 $87 $91 $88 $79
Capitalized interest 53 78 105 78 63 50 42
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent 37 32 44 14 15 28 93
Other interest and fixed
charges 341 304 372 408 474 554 761
---- ---- ---- ---- ---- ---- ----
Combined fixed charges
and preferred stock
dividends (A) $492 $477 $605 $587 $643 $720 $975
==== ==== ==== ==== ==== ==== ====
Earnings-pretax income (loss)
with applicable
adjustments (B) $962 $90 $280 $376 $(53) $1,935 $2,271
==== ==== ==== ==== ==== ====== ======
Ratio of (B) to (A) 1.95 (a) (b) (c) (d) 2.69 2.33
==== ==== ==== ==== ==== ==== ====
<FN>
*Restated
(a) Earnings did not cover combined fixed charges and preferred stock
dividends by $387 million.
(b) Earnings did not cover combined fixed charges and preferred stock
dividends by $325 million.
(c) Earnings did not cover combined fixed charges and preferred stock
dividends by $211 million.
(d) Earnings did not cover combined fixed charges and preferred stock
dividends by $696 million.