Exhibit 12.1
USX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
TOTAL ENTERPRISE BASIS - (Unaudited)
Continuing Operations
----------------------------------------------------------
(Dollars in Millions)
Nine Months
Ended Year Ended December 31
September 30 --------------------------------
1998 1997 1997 1996 1995 1994 1993
---- ---- ---- ---- ---- ---- ----
Portion of rentals
representing interest $62 $60 $82 $78 $76 $83 $81
Capitalized interest 35 16 31 11 13 58 105
Other interest and fixed
charges 240 243 312 382 452 456 365
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent 12 17 20 36 46 49 44
---- ---- ---- ---- ---- ---- ----
Combined fixed charges
and preferred stock
dividends (A) $349 $336 $445 $507 $587 $646 $595
==== ==== ==== ==== ==== ==== ====
Earnings-pretax income
with applicable
adjustments (B) $1329 $1386 $1745 $1837 $877 $1300 $239
==== ==== ==== ==== ==== ==== ====
Ratio of (B) to (A) 3.81 4.13 3.92 3.62 1.49 2.01 (a)
==== ==== ==== ==== ==== ==== ====
<FN>
(a) Earnings did not cover combined fixed charges and preferred stock
dividends by $356 million for 1993.