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Exhibit 12.1

 

UNITED STATES STEEL CORPORATION

 

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Unaudited)

 

     Three Months
Ended
March 31,


    Year Ended December 31,

(Dollars in Millions)    2004    2003     2003     2002    2001     2000    1999

Portion of rentals representing interest

   $ 14    $ 7     $ 46     $ 34    $ 45     $ 48    $ 46

Capitalized interest

     2      2       8       6      1       3      6

Other interest and fixed charges

     51      35       156       136      153       115      75

Pretax earnings which would be required to cover preferred stock dividend requirements

     6      6       33       —        12       12      14
    

  


 


 

  


 

  

Combined fixed charges and preferred stock dividends (A)

   $ 73    $   50     $ 243     $ 176    $ 211     $ 178    $ 141
    

  


 


 

  


 

  

Earnings-pretax income with applicable adjustments (B)

   $ 163    $ (35 )   $ (604 )   $ 183    $ (387 )   $ 187    $ 295
    

  


 


 

  


 

  

Ratio of (B) to (A)

     2.23      (a)       (b)       1.04      (c)       1.05      2.10

(a) Earnings did not cover fixed charges and preferred stock dividends by $85 million.
(b) Earnings did not cover fixed charges and preferred stock dividends by $847 million.
(c) Earnings did not cover fixed charges and preferred stock dividends by $598 million.