<PAGE>   1
                             THE LTV CORPORATION

               Calculation of Primary Earnings Per Share (EPS)
                 (Dollar amounts in millions except for EPS)
                          (Share data in thousands)

                  
<TABLE>                                             
<CAPTION>                                                                
                                                                                  Year Ended                 
                                                                                December 31, 1995
                                                                         --------------------------------     
                                                                          Shares     Amount       EPS          
                                                                         --------   ---------    --------     
<S>                                                                      <C>        <C>          <C>          
Net Income                                                                            $184.8                  
Preferred stock dividend requirements                                                   (2.2)                 
                                                                                    ---------                 
                                                                                       182.6                  
Share base:                                                                                                   
                                                                                                              
    Shares deemed issued pursuant to Joint Plan                           60,409                              
    Shares issued through public offerings                                36,610                              
    Shares issued upon exercise of Series A Warrants                                                          
        and stock options                                                    121                              
                                                                                                              
Common Stock issued (or obligated to issue)                                                                   
    on June 28, 1994:                                                                                         
    Common Stock held for issuance                                         3,328                              
    Series A Preferred Stock                                               3,328                              
    LTV Steel ESOP                                                         1,498                              
    IRS Settlement Agreement                                                  65                              
                                                                         --------                             
                                                                           8,219                              
                                                                         --------                             
Common Stock equivalent shares resulting from                                                                 
  outstanding Series A Warrants, Stock Options                                                                
  and Restricted Stock                                                        13                              
Common Stock issuable upon conversion of                                                                      
  Series B Preferred Stock                                                 2,926         2.2                  
                                                                         --------   ---------                 
                                                                         108,298      $184.8                  
                                                                         ========   =========                 
PRIMARY EARNINGS PER SHARE                                                                       $  1.71      
                                                                                                 ========     
</TABLE>                                            

<TABLE>                                             
<CAPTION>                                           
                                                                                   Year Ended             
                                                                                December 31, 1994
                                                                         --------------------------------- 
                                                                         Shares     Amount       EPS       
                                                                        --------   ----------   --------- 
<S>                                                                     <C>       <C>          <C>       
Net Income                                                                            $127.1              
Preferred stock dividend requirements                                                   (2.3)              
                                                                                   ----------             
                                                                                       124.8              
Share base:                                                                                                  
                                                                                                             
    Shares deemed issued pursuant to Joint Plan                           60,838                           
    Shares issued through public offerings                                26,542                           
    Shares issued upon exercise of Series A Warrants                                                         
        and stock options                                                     54
                                                                                                             
Common Stock issued (or obligated to issue)                                                                  
    on June 28, 1994:                                                                                        
    Common Stock held for issuance                                         3,328                           
    Series A Preferred Stock                                               3,328                         
    LTV Steel ESOP                                                         1,308                           
    IRS Settlement Agreement                                                  33                           
                                                                         --------                          
                                                                           7,997                           
                                                                         --------                  
Common Stock equivalent shares resulting from                                                        
  outstanding Series A Warrants, Stock Options                                                       
  and Restricted Stock                                                       349 
Common Stock issuable upon conversion of                                                             
  Series B Preferred Stock                                                 2,926         2.3              
                                                                         --------  ----------             
                                                                          98,706      $127.1              
                                                                         ========  ==========             
PRIMARY EARNINGS PER SHARE                                                                       $   1.29  
                                                                                                 ========= 
</TABLE>
                                                                           
<TABLE>                                                                    
<CAPTION>                                                                  
                                                                                  Six Months Ended                 
                                                                                 December 31, 1993
                                                                          ---------------------------------
                                                                            Shares     Amount       EPS      
                                                                          --------   ----------   ---------
<S>                                                                        <C>       <C>          <C>      
Net Income                                                                            $247.2             
Preferred stock dividend requirements                                                   (1.1)             
                                                                                    ----------            
                                                                                       246.1             
Share base:                                                                                                   
                                                                                                              
    Shares deemed issued pursuant to Joint Plan                               60,846                          
    Shares issued through public offerings                                     5,500                               
    Shares issued upon exercise of Series A Warrants                                                          
        and stock options                                                       -                         
                                                                                                              
Common Stock issued (or obligated to issue)                                                                   
    on June 28, 1994:                                                                                         
    Common Stock held for issuance                                             3,328                
    Series A Preferred Stock                                                   3,328                
    LTV Steel ESOP                                                             1,108                
    IRS Settlement Agreement                                                    -                   
                                                                             --------               
                                                                               7,764                
                                                                             --------       
Common Stock equivalent shares resulting from                                                         
  outstanding Series A Warrants, Stock Options                                                        
  and Restricted Stock                                                          -                      
Common Stock issuable upon conversion of                                                              
  Series B Preferred Stock                                                     2,926     1.1             
                                                                             -------- -------            
                                                                              77,036  $247.2             
                                                                             ======== =======            
PRIMARY EARNINGS PER SHARE                                                                           $   3.21 
                                                                                                     ========
</TABLE>
                                                                             
                                                                             
                                                                             
                                                                             
                                                                             
<PAGE>   2



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

<TABLE>
<CAPTION>
                                             Year Ended                       Year Ended
                                          December 31, 1995                 December 31, 1994
                                   --------------------------------  ---------------------------------
                                   Shares     Amount       EPS       Shares     Amount       EPS      
                                   --------   ---------    --------  --------   ----------   ---------
<S>                                <C>        <C>          <C>       <C>        <C>          <C>      
Net Income                                    $  184.8                          $   127.1             
Preferred stock dividend requirements             (2.2)                              (2.3)             
                                              ---------                         ----------            
                                                 182.6                              124.8             
Share base:                                                                                           
                                                                                                      
    Shares deemed issued pursuant   
        to Joint Plan               60,409                            60,838                          
    Shares issued through public                                                                      
        offerings                   36,610                            26,542                                
    Shares issued upon exercise of                                                                    
        Series A Warrants                                                                                     
        and stock options              121                                54                          

Common Stock issued (or obligated                                                                     
    to issue) on June 28, 1994:                                                                                    
    Common Stock held for issuance   3,328                             3,328                          
    Series A Preferred Stock         3,328                             3,328                          
    LTV Steel ESOP                   1,498                             1,308                          
    IRS Settlement Agreement            65                                33                          
                                   --------                          --------                         
                                     8,219                             7,997                          
                                   --------                          --------                         
Common Stock equivalent shares                                                                        
    resulting from outstanding 
    Series A Warrants,                                                                    
    Stock Options                                                                                         
    and Restricted Stock                18                               352                          
Common Stock issuable upon                                                                            
    conversion of                                                                                         
    Series B Preferred Stock         2,926         2.2                 2,926          2.3             
Common Stock issuable upon                                                                            
    conversion of                                                                                         
    Senior Secured Convertible       
    Notes                            5,128         5.3                 5,128          5.2             
                                   --------   ---------              --------   ----------            
                                   113,431    $  190.1               103,837    $   132.3             
                                   ========   =========              ========   ==========            
FULLY DILUTED EARNINGS PER SHARE                           $  1.68                           $   1.27 
                                                           ========                          =========




</TABLE>

<TABLE>
<CAPTION>

                                                Six Months Ended
                                                December 31, 1993
                                         ---------------------------------
                                         Shares     Amount       EPS      
                                         --------   ----------   ---------
<S>                                       <C>       <C>          <C>      
Net Income                                          $   247.2             
Preferred stock dividend requirements                   (1.1)             
                                                    ----------            
                                                        246.1             
Share base:                                                               
                                                                          
    Shares deemed issued pursuant         
        to Joint Plan                     60,846                                                          
    Shares issued through public           
        offerings                          5,500                                                         
    Shares issued upon exercise of                                        
        Series A Warrants                                                         
        and stock options                   -                             

Common Stock issued (or obligated                                         
    to issue) on June 28, 1994:                                                        
    Common Stock held for issuance         3,328                          
    Series A Preferred Stock               3,328                          
    LTV Steel ESOP                         1,108                          
    IRS Settlement Agreement                -                             
                                         --------                         
                                           7,764                          
                                         --------                         
Common Stock equivalent shares                                            
    resulting from                                                            
    outstanding Series A Warrants,                                        
    Stock Options                                                             
    and Restricted Stock                    -                             
Common Stock issuable upon                                                
    conversion of                                                             
    Series B Preferred Stock               2,926          1.1             
Common Stock issuable upon                                                
    conversion of                                                             
    Senior Secured Convertible             
    Notes                                  5,515          2.6                                            
                                         --------   ----------            
                                          82,551    $   249.8             
                                         ========   ==========            
FULLY DILUTED EARNINGS PER SHARE                                 $   3.03 
                                                                 =========

</TABLE>