<PAGE>   1
                                                                     Page 1 of 2
                                                                    Exhibit (11)


                               THE LTV CORPORATION
                  Calculation of Basic Earnings Per Share (EPS)
                   (Dollar amounts in millions except for EPS)
                            (Share data in thousands)

<TABLE>
<CAPTION>

                                                    Year Ended                   Year Ended                     Year Ended
                                                December 31, 1997             December 31, 1996              December 31, 1995
                                           ----------------------------- -----------------------------  ----------------------------
                                             Shares    Amount     EPS      Shares     Amount     EPS      Shares   Amount      EPS
                                           --------- --------- --------- ---------- --------- --------  --------  ---------  -------

<S>                                           <C>      <C>       <C>       <C>       <C>       <C>     <C>       <C>    
Income from continuing operations                      $   30                        $ 109                       $  185             
                                                                                                     
Preferred stock dividend requirements                      (2)                          (2)                          (2)
                                                       -------                       ------                      -------
                                                           28                          107                          183
                                                                                                     
Weighted average share base:
  Shares deemed issued pursuant to Joint Plan  60,413                       60,413                      60,409
  Shares issued through public offerings       36,610                       36,610                      36,610
  Shares issued upon exercise of Series A                                                            
      Warrants and stock options                  123                          122                         121
  Shares repurchased pursuant to share                                                               
      repurchase program                       (1,923)                           -                           -
                                                                                                     
Common Stock issued (or obligated to issue)
  on June 28, 1994:                                                                                  
      Common Stock held for issuance            3,328                        3,328                       3,328
      Series A Preferred Stock                  3,328                        3,328                       3,328
      LTV Steel ESOP                            1,494                        1,494                       1,498
      IRS Settlement Agreement                     65                           65                          65
                                             ---------                   ----------                  ----------
                                                8,215                        8,215                       8,219
                                             --------- -------           ----------  ------          ----------  -------
                                              103,438  $   28              105,360   $ 107             105,359   $  183 
                                             ========= =======           ==========  ======          ==========  =======
                                                                                                     
BASIC EARNINGS PER SHARE                                        $  0.27                      $ 1.01                        $ 1.73   
                                                                =======                      ======                        ======
</TABLE>


<PAGE>   2

                                                                     Page 2 of 2
                                                                    Exhibit (11)

                               THE LTV CORPORATION
                Calculation of Dilutive Earnings Per Share (EPS)
                   (Dollar amounts in millions except for EPS)
                            (Share data in thousands)

<TABLE>
<CAPTION>

                                                           Year Ended                 Year Ended                  Year Ended
                                                        December 31, 1997         December 31, 1996            December 31, 1995
                                                   ------------------------ ----------------------------   -------------------------
                                                   Shares   Amount     EPS    Shares     Amount     EPS    Shares     Amount    EPS
                                                   ------- -------   ------ ---------   ------- --------   ---------  -------  -----

<S>                                               <C>       <C>       <C>    <C>        <C>        <C>    <C>         <C>      
Income from continuing operations                           $ 30                        $ 109                         $ 185         

Preferred stock dividend requirements                         (2)                          (2)                           (2)
                                                            -----                       ------                        ------
                                                              28                          107                           183
Weighted average share base:
     Shares deemed issued pursuant to Joint Plan   60,413                     60,413                        60,409
     Shares issued through public offerings        36,610                     36,610                        36,610
     Shares issued upon exercise of Series A 
         Warrants and stock options                   123                        122                           121
     Shares repurchased pursuant to share
         repurchase program                        (1,923)                         -                             -

Common Stock issued (or obligated to issue)
     on June 28, 1994:
     Common Stock held for issuance                 3,328                      3,328                         3,328
     Series A Preferred Stock                       3,328                      3,328                         3,328
     LTV Steel ESOP                                 1,494                      1,494                         1,498
     IRS Settlement Agreement                          65                         65                            65
                                                  --------                  ---------                    ----------
                                                    8,215                      8,215                         8,219
                                                  --------                  ---------                    ----------
Common Stock equivalent shares resulting from 
     outstanding Series A Warrants, Stock 
         Options and Restricted Stock                 141                         66                            32
Common Stock issuable upon conversion of
     Series B Preferred Stock                         (A)    (A)               2,926        2                2,926        2
Common Stock issuable upon conversion of
     Senior Secured Convertible Notes                   -      -                 (B)        -                5,128        5
                                                  --------  -----           ---------   ------           ----------   ------
                                                  103,579   $ 28             108,352    $ 109              113,445    $ 190    
                                                  ========  =====           =========   ======           ==========   ======

DILUTIVE EARNINGS PER SHARE                                        $ 0.27                      $  1.01                        $ 1.68
                                                                   ======                       ======                         =====
<FN>

(A) Shares are antidilutive in 1997.
(B) Senior Secured Convertible Notes are antidilutive in 1996.  These Notes were
    redeemed in 1997 and are not outstanding at year end.
</TABLE>


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