Exhibit 12.1(a)
USX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
TOTAL ENTERPRISE BASIS - (Unaudited)
----------------------------------------------------------
(Dollars in Millions)
Nine Months Six Months Three Months
Ended Ended Ended
Sept 30 June 30 March 31
1999 1998* 1999*1998* 1999* 1998*
---- ---- ---- ---- ---- ----
Portion of rentals
representing interest $75 $76 $49 $50 $25 $26
Capitalized interest 24 35 19 23 10 10
Other interest and fixed
charges 247 233 163 145 82 72
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent 11 11 8 8 4 4
---- ---- ---- ---- ---- ----
Combined fixed charges
and preferred stock
dividends (A) $357 $355 $239 $226 $121 $112
==== ==== ==== ==== ==== ====
Earnings-pretax income
with applicable
adjustments (B) $1609 $1632 $987$1260 $455 $578
==== ==== ==== ==== ==== ====
Ratio of (B) to (A) 4.51 4.60 4.13 5.58 3.76 5.16
==== ==== ==== ==== ==== ====
<FN>
Note - Fixed charges consist of interest expense on indebtedness whether
expensed or capitalized (including amortization of debt expense and discount or
premium relating to indebtedness) and one-third of rental expense that is
representative of the interest factor.
*Restated in September 1999.
Exhibit 12.1(b)
USX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
TOTAL ENTERPRISE BASIS - (Unaudited)
CONTINUING OPERATIONS
----------------------------------------------------------
(Dollars in Millions)
Year Ended December 31*
--------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
Portion of rentals
representing interest $105 $82 $78 $76 $83
Capitalized interest 46 31 11 13 58
Other interest and fixed
charges 320 294 364 432 424
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent 15 20 37 46 49
---- ---- ---- ---- ----
Combined fixed charges
and preferred stock
dividends (A) $486 $427 $490 $567 $614
==== ==== ==== ==== ====
Earnings-pretax income
with applicable
adjustments (B) $1675 $1700 $1823 $855 $1257
==== ==== ==== ==== ====
Ratio of (B) to (A) 3.45 3.98 3.72 1.51 2.05
==== ==== ==== ==== ====
<FN>
Note - Fixed charges consist of interest expense on indebtedness whether
expensed or capitalized (including amortization of debt expense and discount or
premium relating to indebtedness) and one-third of rental expense that is
representative of the interest factor.
*Restated in 1999.