Exhibit 12.1
<TABLE>
<CAPTION>
USX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
TOTAL ENTERPRISE BASIS - (Unaudited)
CONTINUING OPERATIONS
----------------------------------------------------------
(Dollars in Millions)
Six Months
Ended Year Ended December 31
June 30 --------------------------------
2000 1999 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Portion of rentals
representing interest $48 $49 $95 $105 $82 $78 $76
Capitalized interest 4 20 26 46 31 11 13
Other interest and fixed
charges 195 174 365 318 352 428 486
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent 6 7 14 15 20 37 46
---- ---- ---- ---- ---- ---- ----
Combined fixed charges
and preferred stock
dividends (A) $253 $250 $500 $484 $485 $554 $621
==== ==== ==== ==== ==== ==== ====
Earnings-pretax income
with applicable
adjustments (B) $1666 $999 $2098 $1671 $1761 $1887 $909
==== ==== ==== ==== ==== ==== ====
Ratio of (B) to (A) 6.58 4.00 4.20 3.45 3.63 3.41 1.46
==== ==== ==== ==== ==== ==== ====
</TABLE>
