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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)
YEAR ENDED DECEMBER 31
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1995 1994 1993 1992 1991
---- ---- ---- ---- ----
Portion of rentals representing interest . . . . . $ 78 $ 85 $ 84 $ 87 $ 91
Capitalized interest . . . . . . . . . . . . . . . 13 58 105 78 63
Other interest and fixed charges . . . . . . . . . 464 464 372 408 474
Pretax earnings which would be required to
cover preferred stock dividend requirements
of parent . . . . . . . . . . . . . . . . . . . 46 49 44 14 15
---- ------ ---- ---- ----
Combined fixed charges and preferred stock
dividends (A) . . . . . . . . . . . . . . . . . $601 $ 656 $605 $587 $643
==== ====== ==== ==== ====
Earnings-pretax income (loss) with
applicable adjustments (B) . . . . . . . . . . $902 $1,263 $280 $376 $(53)
==== ====== ==== ==== ====
Ratio of (B) to (A) . . . . . . . . . . . . . . . . 1.50 1.92 (a) (a) (a)
==== ====== ==== ==== ====
<FN>
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(a) Earnings did not cover fixed charges and preferred stock dividends by $325
million for 1993, by $211 million for 1992 and by $696 million for 1991.