<PAGE>   1
                                                                    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>
                                               Three Months Ended June 30,                    Six Months Ended June 30,
                             ----------------------------------------------------- ------------------------------------------------
                                          1998                       1997                    1998                   1997
                             ---------------------------   ----------------------- ---------------------   ------------------------
                              Shares     Amount      EPS    Shares  Amount   EPS    Shares  Amount   EPS    Shares     Amount   EPS
                              ------     ------      ---    ------  ------   ---    ------  ------   ---    ------     ------   ---

<S>                           <C>        <C>        <C>      <C>     <C>    <C>     <C>      <C>     <C>    <C>        <C>     <C>
Net income (loss)                          $ 4                       $ 27                    $ 23                       $ 54

Preferred stock dividend
     requirements                           -                          -                       (1)                        (1)
                                            --                       ----                    ----                       ----
                                           $ 4                       $ 27                    $ 22                       $ 53
                                           ====                      ====                    ====                       ====
Share base:
     Average common
         stock outstanding     99,846                        104,173                 99,827                 104,599

BASIC EARNINGS PER SHARE                            $ 0.03                 $ 0.25                   $ 0.22                    $0.50
                                                    ======                 ======                   ======                    ======
</TABLE>

<PAGE>   2


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


<TABLE>
<CAPTION>
                                                 Three Months Ended June 30,                 Three Months Ended June 30,
                                 -------------------------------------------------   ---------------------------------------------
                                            1998                      1997                    1998                    1997
                                 -------------------------  ----------------------   ---------------------  ----------------------
                                  Shares    Amount    EPS    Shares    Amount  EPS    Shares  Amount  EPS    Shares   Amount   EPS
                                  ------    ------    ---    ------    ------  ---    ------  ------  ---    ------   ------   ---

<S>                               <C>        <C>      <C>     <C>      <C>     <C>     <C>    <C>     <C>    <C>      <C>      <C>
Net income                                    $ 4                       $ 27                   $  23                   $ 54

Preferred stock dividend
     requirements                               -                          -                      (1)                     (1)
                                               --                       ----                   -----                     ---
                                                4                         27                      22                      53
Share base:
     Average common
         stock outstanding          99,846                    104,173                 99,827                104,599
Common Stock equivalent shares
     resulting from outstanding
     Series A Warrants, Stock
     Options and Restricted Stock      167                        177                    160                    147
Common Stock issuable upon
     conversion of Series B
     Preferred Stock                   (A)      -               2,926      -             (A)      -           2,926       1
Common Stock issuable upon
     conversion of Senior
     Secured Convertible Notes         (B)      -               5,128      1             (B)      -           5,128       3
                                   -------    ---             -------   ----          ------   ----         -------    ----
                                   100,013    $ 4             112,404   $ 28          99,987   $ 22         112,800    $ 57
                                   =======    ===             =======   ====          ======   ====         =======    ====

DILUTIVE EARNINGS PER SHARE                         $ 0.03                    $ 0.25                  $ 0.22                 $ 0.50
                                                    =======                   ======                  ======                 ======
</TABLE>






(A) Addition of these shares would result in antidilution in 1997. 
(B) Senior Secured Convertible Notes were redeemed in September 1997.