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.