<PAGE> 1
<TABLE>
<CAPTION>
THE LTV CORPORATION
Calculation of Basic Earnings Per Share (EPS)
(Dollar amounts in millions except for EPS)
(Share data in thousands)
Three Months Ended September 30,
------------------------------------------------------------------
2000 1999
-------------------------------- -------------------------------
Shares Amount EPS Shares Amount EPS
----------- --------- --------- ---------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net income (loss) $ (80) $ (58)
Preferred stock dividend
requirements (2) -
--- --
$ (82) $ (58)
====== ======
----------- ----------
Weighted average shares outstanding 100,117 100,034
=========== ==========
BASIC EARNINGS PER SHARE $ (0.82) $(0.58)
========= =========
</TABLE>
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-----------------------------------------------------------------
2000 1999
------------------------------- ------------------------------
Shares Amount EPS Shares Amount EPS
----------- --------- -------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net income (loss) $ (368) $ (145)
Preferred stock dividend
requirements (7) (1)
--- ---
$ (375) $ (146)
======= =======
----------- ----------
Weighted average shares outstanding 100,117 100,016
=========== ==========
BASIC EARNINGS PER SHARE $ (3.75) $(1.46)
======== ========
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
THE LTV CORPORATION
Calculation of Diluted Earnings Per Share (EPS)
(Dollar amounts in millions except for EPS)
(Share data in thousands)
Three Months Ended September 30,
------------------------------------------------------------------
2000 1999
------------------------------- --------------------------------
Shares Amount EPS Shares Amount EPS
---------- --------- --------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net income (loss) $ (80) $ (58)
Preferred stock dividend
requirements (2) -
--- --
$ (82) $ (58)
---------- ====== ----------- ======
Weighted average shares outstanding 100,117 100,034
Common Stock equivalent shares
resulting from Stock Options
and Restricted Stock (A) - (A) -
Common Stock issuable upon
conversion of Series A and B
Preferred Stock (A) - (A) -
---- -- ---- --
100,117 $ (82) 100,034 $ (58)
======== ====== ======== ======
DILUTED EARNINGS PER SHARE $ (0.82) $ (0.58)
======== =========
</TABLE>
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------------------------------------------
2000 1999
-------------------------------- --------------------------------
Shares Amount EPS Shares Amount EPS
----------- --------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net income (loss) $ (368) $ (145)
Preferred stock dividend
requirements (7) (1)
--- ---
$ (375) $ (146)
======= =======
----------- ----------
Weighted average shares outstanding 100,117 100,016
Common Stock equivalent shares
resulting from Stock Options
and Restricted Stock (A) - (A) -
Common Stock issuable upon
conversion of Series A and B
Preferred Stock (A) - (A) -
---- -- ---- -
100,117 $ (375) 100,016 $ (146)
======== ======= ======== =======
DILUTED EARNINGS PER SHARE $ (3.75) $(1.46)
========= ==========
</TABLE>
(A) Addition of these shares would result in antidilution.