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 --------------------------------
1997 1996 1996 1995 1994 1993 1992
---- ---- ---- ---- ---- ---- ----
Portion of rentals
representing interest $41 $40 $80 $78 $85 $84 $87
Capitalized interest 10 6 11 13 58 105 78
Other interest and fixed
charges 177 207 399 464 464 372 408
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent 13 18 36 46 49 44 14
---- ---- ---- ---- ---- ---- ----
Combined fixed charges
and preferred stock
dividends (A) $241 $271 $526 $601 $656 $605 $587
==== ==== ==== ==== ==== ==== ====
Earnings-pretax income
with applicable
adjustments (B) $837 $853 $1,867 $902 $1,263 $280 $376
==== ==== ==== ==== ==== ==== ====
Ratio of (B) to (A) 3.47 3.15 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.