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) Six Months Ended Year Ended December 31 June 30 -------------------------------- 1996 1995 1995 1994 1993 1992 1991 ---- ---- ---- ---- ---- ---- ---- Portion of rentals representing interest $40 $40 $78 $85 $84 $87 $91 Capitalized interest 6 8 13 58 105 78 63 Other interest and fixed charges 207 245 464 464 372 408 474 Pretax earnings which would be required to cover preferred stock dividend requirements of parent 18 25 46 49 44 14 15 ---- ---- ---- ---- ---- ---- ---- Combined fixed charges and preferred stock dividends (A) $271 $318 $601 $656 $605 $587 $643 ==== ==== ==== ==== ==== ==== ==== Earnings-pretax income (loss) with applicable adjustments (B) $853 $856 $902 $1,263 $280 $376 $(53) ==== ==== ==== ==== ==== ==== ==== Ratio of (B) to (A) 3.15 2.69 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.