<PAGE>   1

                                                                     Page 1 of 2
                                                                    Exhibit (11)


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

<TABLE>
<CAPTION>

                                                Three Months Ended September 30,                    
                                 ----------------------------------------------------------------   
                                               1997                              1996               
                                 -------------------------------   ------------------------------   
                                   Shares     Amount      EPS        Shares     Amount      EPS     
                                 ----------  --------  ---------   ----------  --------  --------   

<S>                                <C>         <C>      <C>          <C>        <C>       <C>    
Net income (loss)                              $ (55.4)                         $ 29.4              
                                                                                         
Preferred stock dividend                                                                 
     requirements                                 (0.6)                           (0.6)             
                                               -------                          ------              
                                                 (56.0)                           28.8              
Share base:                                                                              
     Average common                                                                      
         stock outstanding         103,096                           105,360                        
Common Stock equivalent shares                                                           
     resulting from outstanding                                                          
     Series A Warrants, Stock                                                            
     Options and Restricted Stock     (A)                                 76                        
Common Stock issuable upon                                                               
     conversion of Series B                                                              
     Preferred Stock                  (A)                              2,926       0.6              
                                   -------     -------               -------    ------              
                                   103,096     $ (56.0)              108,362    $ 29.4              
                                   =======     =======               =======    ======              

PRIMARY EARNINGS PER SHARE
     Primary                                            $ (0.50)                          $ 0.27 
     Extraordinary loss                                   (0.04)                           -     
                                                          -----                           ------       
         Net income (loss)                              $ (0.54)                          $ 0.27 
                                                        =======                           ====== 


<CAPTION>


                                                      Nine Months Ended September 30,                       
                                 ----------------------------------------------------------------      
                                               1997                              1996                  
                                 -------------------------------   ------------------------------      
                                   Shares     Amount      EPS        Shares     Amount      EPS        
                                 ----------  --------  ---------   ----------  --------  --------      
                                                                                                            
<S>                                <C>         <C>      <C>         <C>         <C>       <C>       
Net income (loss)                              $ (1.5)                          $ 74.7                 
                                                                                                            
Preferred stock dividend                                                                                    
     requirements                                (1.7)                            (1.7)                
                                               ------                           ------                 
                                                 (3.2)                            73.0                 
Share base:                                                                                                 
     Average common                                                                                         
         stock outstanding         104,092                           105,360                           
Common Stock equivalent shares                                                                              
     resulting from outstanding                                                                             
     Series A Warrants, Stock                                                                               
     Options and Restricted Stock     (A)                                 61                           
Common Stock issuable upon                                                                              
     conversion of Series B                                                                             
     Preferred Stock                  (A)                              2,926       1.7                 
                                   -------     ------                -------    ------                 
                                   104,092     $ (3.2)               108,347    $ 74.7                 
                                   =======     ======                =======    ======                 
                                                                                                        
PRIMARY EARNINGS PER SHARE                                                                              
     Primary                                            $ 0.01                            $ 0.69    
     Extraordinary loss                                  (0.04)                            -        
                                                         -----                            ------          
         Net income (loss)                             $ (0.03)                           $ 0.69    
                                                       =======                            ======    
                                                                                                            
                                     
<FN>
(A)  Addition of these shares would result in antidilution.
</TABLE>




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


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

<TABLE>
<CAPTION>

                                                Three Months Ended September 30,                    
                                 ----------------------------------------------------------------   
                                               1997                             1996                           
                                 -------------------------------   ------------------------------   
                                   Shares      Amount     EPS        Shares      Amount     EPS      
                                 ----------  --------- ---------   ----------  --------- --------   

<S>                                <C>        <C>       <C>          <C>         <C>      <C>       
Net income                                    $(55.4)                            $ 29.4             
                                                                                          
Preferred stock dividend                                                                  
     requirements                               (0.6)                              (0.6)            
                                              ------                             ------             
                                               (56.0)                              28.8             
Share base:                                                                               
     Average common                                                                       
         stock outstanding         103,096                           105,360                        
Common Stock equivalent shares                                                            
     resulting from outstanding                                                           
     Series A Warrants, Stock                                                             
     Options and Restricted Stock      (A)                                78                        
Common Stock issuable upon                                                                
     conversion of Series B                                                               
     Preferred Stock                   (A)                             2,926        0.6             
Common Stock issuable upon                                                                
     conversion of Senior                                                                 
     Secured Convertible Notes         (A)                             5,128        1.4             
                                   -------    ------                 -------     ------             
                                   103,096    $(56.0)                113,492     $ 30.8             
                                   =======    ======                 =======     ======             

FULLY DILUTED EARNINGS PER SHARE
     Fully diluted                                      $ (0.50)                          $ 0.27 
     Extraordinary loss                                   (0.04)                           -     
                                                        -------                           ------ 
         Net income (loss)                              $ (0.54)                          $ 0.27 
                                                        =======                           ====== 



<CAPTION>

                                                 Nine Months Ended September 30,                    
                                 ----------------------------------------------------------------   
                                               1997                             1996                          
                                 -------------------------------   ------------------------------   
                                   Shares      Amount     EPS        Shares      Amount     EPS      
                                 ----------  --------- ---------   ----------  --------- --------   
                                                                                                        
<S>                                <C>        <C>       <C>          <C>         <C>      <C>    
Net income                                    $ (1.5)                            $ 74.7            
                                                                                                   
Preferred stock dividend                                                                           
     requirements                               (1.7)                              (1.7)           
                                              ------                             ------            
                                                (3.2)                              73.0            
Share base:                                                                                        
     Average common                                                                                
         stock outstanding         104,092                           105,360                       
Common Stock equivalent shares                                                                     
     resulting from outstanding                                                                    
     Series A Warrants, Stock                                                                      
     Options and Restricted Stock      (A)                                76                       
Common Stock issuable upon                                                                         
     conversion of Series B                                                                        
     Preferred Stock                   (A)                             2,926        1.7            
Common Stock issuable upon                                                                         
     conversion of Senior                                                                          
     Secured Convertible Notes         (A)                               (A)                       
                                   -------    ------                 -------     ------            
                                   104,092    $ (3.2)                108,362     $ 74.7            
                                   =======    ======                 =======     ======            
                                                                                                   
FULLY DILUTED EARNINGS PER SHARE                                                                   
     Fully diluted                                      $ 0.01                            $ 0.69 
     Extraordinary loss                                  (0.04)                            -     
                                                        -------                           ------ 
         Net income (loss)                              $(0.03)                           $ 0.69 
                                                        =======                           ====== 
                                                                                                        
                                     



<FN>
(A)  Addition of these shares would result in antidilution.
</TABLE>