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 --------------------------------
1997 1996 1996 1995 1994 1993 1992
---- ---- ---- ---- ---- ---- ----
Portion of rentals
representing interest $20 $20 $80 $78 $85 $84 $87
Capitalized interest 4 3 11 13 58 105 78
Other interest and fixed
charges 89 107 399 464 464 372 408
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent 9 9 36 46 49 44 14
---- ---- ---- ---- ---- ---- ----
Combined fixed charges
and preferred stock
dividends (A) $122 $139 $526 $601 $656 $605 $587
==== ==== ==== ==== ==== ==== ====
Earnings-pretax income
with applicable
adjustments (B) $403 $526 $1,867 $902 $1,263 $280 $376
==== ==== ==== ==== ==== ==== ====
Ratio of (B) to (A) 3.31 3.78 3.55 1.50 1.92 (a) (a)
==== ==== ==== ==== ==== ==== ====
<FN>
(a) Earnings did not cover combined fixed charges and preferred stock
dividends by $325 million for 1993 and by $211 million for 1992.