1
EXHIBIT 12.
USX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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
Capitalized interest . . . . . . . . . . . . . . . . . . . . . . 105 78 63 50 42
Other interest and fixed charges . . . . . . . . . . . . . . . . 372 408 474 554 761
------ ------- ----- ------ -------
Total fixed charges (A) . . . . . . . . . . . . . . . . . . . . . $ 561 $ 573 $ 628 $ 692 $ 882
====== ======= ===== ====== =======
Earnings-pretax income (loss) with
applicable adjustments(B) . . . . . . . . . . . . . . . . . $ 280 $ 376 $ (53) $1,935 $ 2,271
====== ======= ===== ====== =======
Ratio of (B) to (A) . . . . . . . . . . . . . . . . . . . . . . . (a) (a) (a) 2.80 2.57
====== ======= ===== ====== =======
- - ----------------
(a) Earnings did not cover fixed charges by $281 million for 1993, by $197
million for 1992 and by $681 million for 1991.
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
Capitalized interest . . . . . . . . . . . . . . . . . . . . . . 105 78 63 50 42
Other interest and fixed charges . . . . . . . . . . . . . . . . 372 408 474 554 761
Pretax earnings which would be required to
cover preferred stock dividend requirements
or parent . . . . . . . . . . . . . . . . . . . . . . . . . 44 14 15 28 93
------ ------- ----- ------ -------
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.