Exhibit 12.3
UNITED STATES STEEL CORPORATION
COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
| Year Ended Dec. 31, | ||||||
| (Dollars in Millions) | 2004 | 2003 | ||||
| Combined fixed charges and preferred stock dividends as reported |
$213 | $243 | ||||
| Pro forma adjustment for debt refinancing |
(9 | ) | (25 | ) | ||
|
Pro forma combined fixed charges and preferred stock dividends (A) |
$204 | $218 | ||||
|
Earnings-pretax income (loss) with applicable adjustments as reported |
$1,638 | $(604 | ) | |||
| Pro forma adjustment for debt refinancing |
9 | 25 | ||||
|
Pro forma earnings-pretax income (loss) with applicable adjustments (B) |
$1,647 | $(579 | ) | |||
|
Ratio of (B) to (A) |
8.07 | (a) | ||||
| (a) | Pro forma earnings did not cover pro forma fixed charges and preferred |
| stock dividends by $797 million. |