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 --------------------------------
1996 1995 1995 1994 1993 1992 1991
---- ---- ---- ---- ---- ---- ----
Portion of rentals
representing interest $60 $60 $78 $85 $84 $87 $91
Capitalized interest 9 10 13 58 105 78 63
Other interest and fixed
charges 302 362 464 464 372 408 474
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent 27 37 46 49 44 14 15
---- ---- ---- ---- ---- ---- ----
Combined fixed charges
and preferred stock
dividends (A) $398 $469 $601 $656 $605 $587 $643
==== ==== ==== ==== ==== ==== ====
Earnings-pretax income (loss)
with applicable
adjustments (B) $1310 $1245 $902 $1263 $280 $376 $(53)
==== ==== ==== ==== ==== ==== ====
Ratio of (B) to (A) 3.29 2.65 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.