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)
Nine Months
Ended Year Ended December 31
September 30 --------------------------------
2000 1999 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Portion of rentals
representing interest $74 $75 $95 $105 $82 $78 $76
Capitalized interest 12 24 26 46 31 11 13
Other interest and fixed
charges 281 269 365 318 352 428 486
Pretax earnings which would
be required to cover
preferred stock dividend
requirements of parent 9 11 14 15 20 37 46
---- ---- ---- ---- ---- ---- ----
Combined fixed charges
and preferred stock
dividends (A) $376 $379 $500 $484 $485 $554 $621
==== ==== ==== ==== ==== ==== ====
Earnings-pretax income
with applicable
adjustments (B) $2483 $1631 $2098 $1671 $1761 $1887 $909
==== ==== ==== ==== ==== ==== ====
Ratio of (B) to (A) 6.60 4.30 4.20 3.45 3.63 3.41 1.46
==== ==== ==== ==== ==== ==== ====
</TABLE>
