Exhibit 12.1
UNITED STATES STEEL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
| Three Months 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. |