<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             
                                                           December 31, 1998                   December 31, 1997          
                                                    ---------------------------------   --------------------------------- 
                                                     Shares       Amount      EPS         Shares      Amount      EPS     
                                                    ----------   ---------  ---------   -----------  ---------  --------- 

<S>                                                 <C>          <C>        <C>         <C>          <C>        <C>       
Income (loss) from continuing operations                          $    (27)                           $     30             

Preferred stock dividend requirements                                  (2)                                 (2)            
                                                                 ---------                           ---------            
                                                                      (29)                                 28             
Weighted average share base:
     Shares issued                                    105,361                              105,361                        
     Shares repurchased pursuant to share
         repurchase program                            (5,512)                              (1,923)                       
                                                    ----------   ---------              -----------  ---------            
                                                       99,849         (29)                 103,438   $     28             
                                                    ==========   =========              ===========  =========            

BASIC EARNINGS (LOSS) PER SHARE                                             $  (0.29)                           $   0.27  
                                                                            =========                           ========= 
</TABLE>

<TABLE>
<CAPTION>
                                                                  Year Ended
                                                               December 31, 1996
                                                        --------------------------------
                                                         Shares      Amount       EPS
                                                        ----------  ---------   --------

<S>                                                     <C>         <C>         <C>
Income (loss) from continuing operations                            $    109

Preferred stock dividend requirements                                     (2)
                                                                    ---------
                                                                         107
Weighted average share base:
     Shares issued                                        105,360
     Shares repurchased pursuant to share
         repurchase program                                     -
                                                        ----------  ---------
                                                        $ 105,360   $    107
                                                        ==========  =========

BASIC EARNINGS (LOSS) PER SHARE                                                 $  1.01
                                                                                ========
</TABLE>


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

                               THE LTV CORPORATION
                 Calculation of Diluted Earnings Per Share (EPS)
                   (Dollar amounts in millions except for EPS)
                            (Share data in thousands)
<TABLE>
<CAPTION>
                                                              Year Ended                         Year Ended                
                                                           December 31, 1998                  December 31, 1997            
                                                    --------------------------------   --------------------------------    
                                                     Shares      Amount       EPS       Shares      Amount       EPS       
                                                    ----------   --------   --------   ----------  ---------   --------    
<S>                                                 <C>          <C>        <C>        <C>         <C>         <C>         
Income (loss) from continuing operations                         $   (27)                          $     30                

Preferred stock dividend requirements                                 (2)                                (2)               
                                                                 --------                          ---------               
                                                                     (29)                                28                
Weighted average share base:
     Shares issued                                    105,361                            105,361                           
     Shares repurchased pursuant to share
         repurchase program                            (5,512)                            (1,923)                          
Common Stock equivalent shares resulting from 
  outstanding Series A Warrants, Stock Options
         and Restricted Stock                             (A)                                141                           
Common Stock issuable upon conversion of
     Series B Preferred Stock                             (A)        (A)                     (A)        (A)                
Common Stock issuable upon conversion of
     Senior Secured Convertible Notes                       -          -                       -          -                
                                                    ----------   --------              ----------  ---------               
                                                       99,849        (29)                103,579   $     28                
                                                    ==========   ========              ==========  =========               

DILUTED EARNINGS (LOSS) PER SHARE                                           $ (0.29)                           $  0.27     
                                                                            ========                           ========    
</TABLE>
<TABLE>
<CAPTION>
                                                                   Year Ended
                                                                December 31, 1996
                                                         --------------------------------
                                                          Shares      Amount      EPS
                                                         ----------  ---------  ---------
<S>                                                      <C>         <C>        <C>
Income (loss) from continuing operations                             $    109

Preferred stock dividend requirements                                      (2)
                                                                     ---------
                                                                          107
Weighted average share base:
     Shares issued                                         105,360
     Shares repurchased pursuant to share
         repurchase program                                      -
Common Stock equivalent shares resulting from 
  outstanding Series A Warrants, Stock Options
         and Restricted Stock                                   66
Common Stock issuable upon conversion of
     Series B Preferred Stock                                2,926          2
Common Stock issuable upon conversion of
     Senior Secured Convertible Notes                          (B)          -
                                                         ----------  ---------
                                                         $ 108,352   $    109
                                                         ==========  =========

DILUTED EARNINGS (LOSS) PER SHARE                                               $   1.01
                                                                                =========
</TABLE>

(A) Shares are antidilutive.
(B) Senior Secured Convertible Notes are antidilutive in 1996. These Notes were
    redeemed in 1997 and are not outstanding thereafter.