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)
Three Months
Ended Year Ended December 31
March 31 --------------------------------
1996 1995 1995 1994 1993 1992 1991
---- ---- ---- ---- ---- ---- ----
Portion of rentals
representing interest $20 $20 $78 $85 $84 $87 $91
Capitalized interest 3 5 13 58 105 78 63
Other interest and fixed
charges 111 121 464 464 372 408 474
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent 9 12 46 49 44 14 15
---- ---- ---- ---- ---- ---- ----
Combined fixed charges
and preferred stock
dividends (A) $143 $158 $601 $656 $605 $587 $643
==== ==== ==== ==== ==== ==== ====
Earnings-pretax income (loss)
with applicable
adjustments (B) $527 $404 $902 $1,263 $280 $376 $(53)
==== ==== ==== ==== ==== ==== ====
Ratio of (B) to (A) 3.68 2.56 1.50 1.92 (a) (a) (a)
==== ==== ==== ==== ==== ==== ====
<FN>
(a) Earnings did not cover combined fixed charges and preferred stock
dividends by $325 million for 1993, by $211 million for 1992 and by $696
million for 1991.