ÁñÁ«ÊÓƵ

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)    2005    2004    2004    2003     2002    2001     2000

Portion of rentals representing interest

   $ 13    $ 14    $ 51    $ 46     $ 34    $ 45     $ 48

Capitalized interest

     3      2      8      8       6      1       3

Other interest and fixed charges

     2      51      131      156       136      153       115

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

     6      6      23      33       -      12       12
    

  

  

  


 

  


 

Combined fixed charges and preferred stock dividends (A)

   $ 24    $ 73    $ 213    $ 243     $ 176    $ 211     $ 178
    

  

  

  


 

  


 

Earnings-pretax income with applicable adjustments (B)

   $ 647    $ 163    $ 1,638    $ (604 )   $ 183    $ (387 )   $ 187
    

  

  

  


 

  


 

Ratio of (B) to (A)

     26.96      2.23      7.69      (a )     1.04      (b )     1.05

 

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