Exhibit 12.1
USX Corporation
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
TOTAL ENTERPRISE BASIS--Unaudited(a)
Continuing Operations
(Dollars in Millions)
Year Ended December 31
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1997 1996 1995 1994 1993
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Portion of rentals representing interest...... $ 82 $ 78 $ 76 $ 83 $ 81
Capitalized interest.......................... 31 11 13 58 105
Other interest and fixed charges.............. 312 382 452 456 365
Pretax earnings which would be required to
cover preferred stock dividend requirements
of parent.................................... 20 36 46 49 44
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Combined fixed charges and preferred stock
dividends (A)................................ $ 445 $ 507 $ 587 $ 646 $ 595
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Earnings--pretax income (loss) with
applicable adjustments (B)................... $1,745 $1,837 $ 877 $1,300 $ 239
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Ratio of (B) to (A)........................... 3.92 3.62 1.49 2.01 (b)
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(a) Amounts in prior years have been reclassified to conform to 1997
classifications.
(b) Earnings did not cover fixed charges and preferred stock dividends by $356
million for 1993.