Exhibit 12.1
UNITED STATES STEEL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
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(Dollars in millions)
Six Months
Ended Year Ended December 31
June 30 ---------------------------------
2002 2001 2001 2000 1999 1998 1997
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Portion of rentals
representing interest $21 $21 $ 45 $ 48 $ 46 $ 52 $ 47
Capitalized interest - 1 1 3 6 6 7
Other interest and fixed
charges 68 35 153 115 75 47 91
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent - 6 12 12 14 15 20
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Combined fixed charges
and preferred stock
dividends (A) $89 $63 $211 $178 $141 $120 $165
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Earnings-pretax income
with applicable
adjustments (B) $23 $(139) $(387) $187 $295 $618 $781
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Ratio of (B) to (A) (a) (b) (c) 1.05 2.10 5.15 4.72
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(a) Earnings did not cover combined fixed charges and preferred stock dividends
by $66 million.
(b) Earnings did not cover combined fixed charges and preferred stock dividends
by $202 million.
(c) Earnings did not cover combined fixed charges and preferred stock dividends
by $598 million.