1
EXHIBIT 12
USX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
TOTAL ENTERPRISE BASIS--UNAUDITED
(DOLLARS IN MILLIONS)
YEAR ENDED DECEMBER 31
----------------------------------------
1993 1992 1991 1990 1989
---- ---- ---- ------ ------
Portion of rentals representing interest............ $ 84 $ 87 $ 91 $ 88 $ 79
Capitalization interest............................. 105 78 63 50 42
Other interest and combined fixed charges........... 372 408 474 554 761
Pretax earnings which would be required to cover
preferred stock dividend requirements of parent... 44 14 15 28 93
---- ---- ---- ------ ------
Total combined fixed charges and preferred stock
dividends (A)..................................... $605 $587 $643 $ 720 $ 975
---- ---- ---- ------ ------
---- ---- ---- ------ ------
Earnings--pretax income (loss) with applicable
adjustments (B)................................... $280 $376 $(53) $1,935 $2,271
---- ---- ---- ------ ------
---- ---- ---- ------ ------
Ratio of (B) to (A)................................. (a) (a) (a) 2.69 2.33
---- ---- ---- ------ ------
---- ---- ---- ------ ------
- ---------
(a) Earnings did not cover combined fixed charges and preferred stock dividends
by $325 million for 1993, by $211 million for 1992 and by $696 million for
1991.