Exhibit 7.1

Computation of Ratios of Earnings to Fixed Charges



|                                                                                                |  |                         |   |  |           |   |  |           |  
|----------------------------------------------------------------------------------------------- |  | ----------------------- | - |  | --------- | - |  | --------- | -
|                                                                                                |  | Year Ended December 31, |  
|Korean GAAP                                                                                     |  | 2003                    |   |  | 2004      |   |  | 2005      |  
|                                                                                                |  | (Millions of Won)       |  
|Earnings:                                                                                       |  |                         |   |  |           |   |  |           |  
|Net earnings                                                                                    |  | 821,734                 |   |  | 1,282,216 |   |  | 1,051,942 |  
|Income tax                                                                                      |  | 523,631                 |   |  | 577,889   |   |  | 420,788   |  
|Income from equity investees                                                                    |  | (5,462                  | ) |  | (11,310   | ) |  | (11,204   | )
|Dividend from equity method affiliates                                                          |  | 554                     |   |  | 333       |   |  | 2,247     |  
|Fixed charges                                                                                   |  | 720,744                 |   |  | 708,364   |   |  | 639,073   |  
|Less interest capitalized (a)                                                                   |  |                        |   |  |          |   |  |          |  
|Minority interest in earnings of consolidated subsidiaries                                      |  | 235,695                 |   |  | 148,931   |   |  | 274,586   |  
|                                                                                                |  |                         |   |  |           |   |  |           |  
|Total earnings                                                                                  |  | 2,296,896               |   |  | 2,706,423 |   |  | 2,377,432 |  
|                                                                                                |  |                         |   |  |           |   |  |           |  
|Fixed charges:                                                                                  |  |                         |   |  |           |   |  |           |  
|Interest expense                                                                                |  | 705,540                 |   |  | 678,514   |   |  | 616,540   |  
|Capitalized interest (a)                                                                        |  |                        |   |  |          |   |  |          |  
|One-third of rent expenses on operating leases, deemed to be representative of interest expense |  | 15,204                  |   |  | 29,850    |   |  | 22,533    |  
|                                                                                                |  |                         |   |  |           |   |  |           |  
|Total fixed charges                                                                             |  | 720,744                 |   |  | 708,364   |   |  | 639,073   |  
|                                                                                                |  |                         |   |  |           |   |  |           |  
|Radios of earnings to fixed charges                                                             |  | 3.19:1                  |   |  | 3.82:1    |   |  | 3.72:1    |  



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|                                                                                               |  |           |   |  |           |   |  |           |  
|---------------------------------------------------------------------------------------------- |  | --------- | - |  | --------- | - |  | --------- | -
|U.S. GAAP                                                                                      |  |           |   |  |           |   |  |           |  
|Earnings:                                                                                      |  |           |   |  |           |   |  |           |  
|Net earnings                                                                                   |  | 395,443   |   |  | 1,404,616 |   |  | 1,148,534 |  
|Income tax                                                                                     |  | 217,568   |   |  | 386,934   |   |  | 356,109   |  
|Income from equity investees                                                                   |  | (10,559   | ) |  | (36,136   | ) |  | (234,868  | )
|Dividend from equity method affiliates                                                         |  | 958       |   |  | 45,153    |   |  | 51,549    |  
|Fixed charges                                                                                  |  | 443,078   |   |  | 467,365   |   |  | 417,658   |  
|Less interest capitalized                                                                      |  | (21,469   | ) |  | (12,154   | ) |  | (7,339    | )
|Minority interest in losses of consolidated subsidiaries                                       |  | (22       | ) |  | (1,760    | ) |  | 6,787     |  
|                                                                                               |  |           |   |  |           |   |  |           |  
|Total earnings                                                                                 |  | 1,024,997 |   |  | 2,254,018 |   |  | 1,738,430 |  
|                                                                                               |  |           |   |  |           |   |  |           |  
|Fixed charges:                                                                                 |  |           |   |  |           |   |  |           |  
|Interest expense                                                                               |  | 421,609   |   |  | 455,211   |   |  | 410,319   |  
|Capitalized interest                                                                           |  | 21,469    |   |  | 12,154    |   |  | 7,339     |  
|One-third of rent expense on operating leases, deemed to be representative of interest expense |  |          |   |  |          |   |  |          |  
|                                                                                               |  |           |   |  |           |   |  |           |  
|Total fixed charges                                                                            |  | 443,078   |   |  | 467,365   |   |  | 417,658   |  
|                                                                                               |  |           |   |  |           |   |  |           |  
|Radios of earnings to fixed charges                                                            |  | 2.31:1    |   |  | 4.82:1    |   |  | 4.16:1    |  

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|(a) | Effective on January 1, 2003, in accordance with Korean GAAP, the Company elected to no longer capitalize interest costs on all borrowings incurred related to qualifying
assets.
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