Exhibit 12.1
UNITED STATES STEEL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
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(Dollars in Millions)
Six Months
Ended Year Ended December 31
June 30 ---------------------------------------------------------
2003 2002 2002 2001 2000 1999 1998
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Portion of rentals
representing interest ............... $ 17 $ 21 $ 34 $ 45 $ 48 $ 46 $ 52
Capitalized interest ................... 4 - 6 1 3 6 6
Other interest and fixed
charges ............................. 81 68 136 153 115 75 47
Pretax earnings which would
be required to cover
preferred stock dividend
requirements ........................ 10 - - 12 12 14 15
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Combined fixed charges
and preferred stock
dividends (A) ....................... $ 112 $ 89 $ 176 $ 211 $ 178 $ 141 $ 120
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Earnings-pretax income
with applicable
adjustments (B) ..................... $ 42 $ 23 $ 183 $(387) $ 187 $ 295 $ 618
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Ratio of (B) to (A) .................... (a) (b) 1.04 (c) 1.05 2.10 5.15
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(a) Earnings did not cover fixed charges and preferred stock dividends by $70
million.
(b) Earnings did not cover fixed charges and preferred stock dividends by $66
million.
(c) Earnings did not cover fixed charges and preferred stock dividends by $598
million.