EX-12 21 clf-2014123110xkex12.htm EXHIBIT 12
Exhibit 12

Ratio of Earnings To Combined Fixed Charges
And Preferred Stock Dividend Requirements
(In Millions)
| Year Ended December 31,
| 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010
Consolidated pretax income (loss) from continuing operations | $ | (9,603.7 | ) |  | $ | 489.3 |  |  | $ | (501.8 | ) |  | $ | 2,190.5 |  |  | $ | 1,266.4 |
Undistributed earnings of non-consolidated affiliates | (9.9 | ) |  | (74.4 | ) |  | (404.8 | ) |  | 9.7 |  |  | 13.5 |
Amortization of capitalized interest | 0.3 |  |  | 2.3 |  |  | 3.7 |  |  | 3.6 |  |  | 3.6 |
Interest expense | 187.4 |  |  | 184.3 |  |  | 203.1 |  |  | 216.5 |  |  | 70.1 |
Acceleration of debt issuance costs | 3.6 |  |  | — |  |  | 0.2 |  |  | — |  |  | — |
Interest portion of rental expense | 2.3 |  |  | 2.1 |  |  | 2.8 |  |  | 3.6 |  |  | 4.6 |
Total Earnings | $ | (9,420.0 | ) |  | $ | 603.6 |  |  | $ | (696.8 | ) |  | $ | 2,423.9 |  |  | $ | 1,358.2 |
Interest expense | $ | 187.4 |  |  | $ | 184.3 |  |  | $ | 203.1 |  |  | $ | 216.5 |  |  | $ | 70.1 |
Acceleration of debt issuance costs | 3.6 |  |  | — |  |  | 0.2 |  |  | — |  |  | — |
Interest portion of rental expense | 2.3 |  |  | 2.1 |  |  | 2.8 |  |  | 3.6 |  |  | 4.6 |
Preferred Stock dividend requirements | 51.2 |  |  | 48.7 |  |  | — |  |  | — |  |  | — |
Fixed Charges Requirements | $ | 244.5 |  |  | $ | 235.1 |  |  | $ | 206.1 |  |  | $ | 220.1 |  |  | $ | 74.7 |
Fixed Charges and Preferred Stock Dividend Requirements | $ | 244.5 |  |  | $ | 235.1 |  |  | $ | 206.1 |  |  | $ | 220.1 |  |  | $ | 74.7 |
RATIO OF EARNINGS TO FIXED CHARGES | (B) |  | 2.6 |  |  | (A) |  | 11.0 |  |  | 18.2 |
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS | (B) |  | 2.6 |  |  | (A) |  | 11.0 |  |  | 18.2 |
(A) For the year ended December 31, 2012, there was a deficiency of earnings to cover the fixed charges of $902.9 million.
(B) For the year ended December 31, 2014, there was a deficiency of earnings to cover the fixed charges of $9,664.5 million.