Exhibit 12.1
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
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1998 1997 1996 1995 1994
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Portion of rentals representing interest...... $ 105 $ 82 $ 78 $ 76 $ 83
Capitalized interest.......................... 46 31 11 13 58
Other interest and fixed charges.............. 328 312 382 452 456
Pretax earnings which would be required to
cover preferred stock dividend requirements
of parent.................................... 15 20 36 46 49
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Combined fixed charges and preferred stock
dividends (A)................................ $ 494 $ 445 $ 507 $ 587 $ 646
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Earnings -- pretax income with
applicable adjustments (B)................... $1,662 $1,745 $1,837 $ 877 $1,300
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Ratio of (B) to (A)........................... 3.36 3.92 3.62 1.49 2.01
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