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 -------------------------------- 1999 1998 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- ---- ---- Portion of rentals representing interest $49 $50 $105 $82 $78 $76 $83 Capitalized interest 20 23 46 31 11 13 58 Other interest and fixed charges 168 150 328 312 382 452 456 Pretax earnings which would be required to cover preferred stock dividend requirements of parent 7 8 15 20 36 46 49 ---- ---- ---- ---- ---- ---- ---- Combined fixed charges and preferred stock dividends (A) $244 $231 $494 $445 $507 $587 $646 ==== ==== ==== ==== ==== ==== ==== Earnings-pretax income with applicable adjustments (B) $949 $1265 $1662 $1745 $1837 $877 $1300 ==== ==== ==== ==== ==== ==== ==== Ratio of (B) to (A) 3.89 5.48 3.36 3.92 3.62 1.49 2.01 ==== ==== ==== ==== ==== ==== ====