<PAGE>


                                                                     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 June 30,                       Six Months Ended June 30,
                                 ----------------------------------------------     ------------------------------------------------
                                          1997                   1996                        1997                     1996
                                 ---------------------   -----------------------    ---------------------    -----------------------
                                 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                               $  27.1                   $ 32.0                    $ 53.9                  $  45.3

Preferred stock dividend
 requirements                               (0.5)                    (0.5)                     (1.1)                    (1.1)
                                         -------                   ------                    ------                  -------
                                            26.6                     31.5                      52.8                     44.2

Share base:
    Average common
      stock outstanding          104,173                 105,360                    104,598                  105,360
Common Stock equivalent shares
    resulting from outstanding
    Series A Warrants, Stock
    Options and Restricted
    Stock                            180                      69                        143                       59
Common Stock issuable upon
    conversion of Series B
    Preferred Stock                2,926     0.5           2,926      0.5             2,926     1.1            2,926     1.1
                                 ------- -------         -------  -------          --------  ------          -------  ------
                                 107,279 $  27.1         108,355  $  32.0           107,667  $ 53.9          108,345  $ 45.3
                                 ------- -------         -------  -------          --------  ------          -------  ------
                                 ------- -------         -------  -------          --------  ------          -------  ------

PRIMARY EARNINGS PER SHARE                        $ 0.25                   $ 0.30                    $ 0.50                   $ 0.42
                                                  ------                   ------                    ------                   ------
                                                  ------                   ------                    ------                   ------
</TABLE>


<PAGE>


                                                                     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 June 30,                       Six Months Ended June 30,
                                 ----------------------------------------------     ------------------------------------------------
                                          1997                   1996                        1997                     1996
                                 ---------------------   -----------------------    ---------------------    -----------------------
                                 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                               $  27.1                   $ 32.0                    $ 53.9                   $ 45.3

Preferred stock dividend
 requirements                               (0.5)                    (0.5)                     (1.1)                    (1.1)
                                         -------                   ------                    ------                  -------
                                            26.6                     31.5                      52.8                     44.2
Share base:
    Average common
      stock outstanding          104,173                 105,360                    104,598                  105,360
Common Stock equivalent shares
    resulting from outstanding
    Series A Warrants, Stock
    Options and Restricted
    Stock                            217                      65                        209                       64
Common Stock issuable upon
    conversion of Series B
    Preferred Stock                2,926     0.5           2,926      0.5             2,926     1.1            2,926    1.1
Common Stock issuable upon
    conversion of Senior
    Secured Convertible Notes      5,128     1.3           5,128      1.3             5,128     2.6            (A)       -
                                 ------- -------         -------  -------          --------  ------          -------  ------
                                 112,444 $  28.4         113,479  $  33.3           112,861  $ 56.5          108,350  $ 45.3
                                 ------- -------         -------  -------          --------  ------          -------  ------
                                 ------- -------         -------  -------          --------  ------          -------  ------

FULLY DILUTED EARNINGS PER SHARE                  $ 0.25                   $ 0.29                    $ 0.50                   $ 0.42
                                                  ------                   ------                    ------                   ------
                                                  ------                   ------                    ------                   ------
</TABLE>



(A) Addition of these shares would result in antidilution.