<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>

                                          Three Months Ended September 30,                  Nine Months Ended September 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)                         $ 11                    $ (56)                   $  34                    $ (2)

Preferred stock dividend
     requirements                            -                        -                       (1)                     (1)
                                          ----                    -----                    -----                    ----
                                          $ 11                      (56)                   $  33                    $ (3)
                                          ====                    =====                    =====                    ====
Share base:
     Average common
         stock outstanding       99,865                   103,096                  99,840                   104,092

BASIC EARNINGS PER SHARE
     Basic                                        $ 0.11                  $(0.50)                  $  0.33                   $ 0.01
     Extraordinary loss                                -                   (0.04)                        -                    (0.04)
                                                  ------                  ------                   -------                    ------
        Net income (loss)                         $ 0.11                  $(0.54)                  $  0.33                   $(0.03)
                                                  ======                  ======                   =======                   =======
</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>

                                         Three Months Ended September 30,                 Nine Months Ended September 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                               $  11                    $ (56)                    $ 34                     $ (2)

Preferred stock dividend
     requirements                            -                        -                       (1)                      (1)
                                         -----                    -----                     ----                     ----
                                            11                      (56)                      33                       (3)

Share base:
     Average common
         stock outstanding       99,865                  103,096                   99,840                   104,092

Common Stock equivalent shares
     resulting from outstanding
     Series A Warrants, Stock
     Options and Restricted
     Stock                          226                      216                      175                       164
Common Stock issuable upon
     conversion of Series B
     Preferred Stock                 (A)     -                (A)     -                (A)     -                 (A)    -
Common Stock issuable upon
     conversion of Senior
     Secured Convertible Notes       (B)     -                (B)     -                (B)     -                 (B)    -
                                -------  -----           -------  -----           -------   ----            -------  -----
                                100,091  $  11           103,312  $ (56)          100,015   $ 33            104,256  $ (3)
                                =======  =====           =======  =====           =======   ====            =======  =====    

DILUTIVE EARNINGS PER SHARE
     Dilutive                                   $  0.11                  $ (0.50)                 $  0.33                   $  0.01
     Extraordinary loss                               -                    (0.04)                       -                     (0.04)
                                                -------                  -------                  -------                   --------
        Net income (loss)                       $  0.11                  $ (0.54)                 $  0.33                   $ (0.03)
                                                =======                  =======                  =======                   ========
</TABLE>


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