Exhibit 7.1

Computation of Ratios of Earnings to Fixed Charges



|                                                                                                   |  | Year Ended December 31, |  
|-------------------------------------------------------------------------------------------------- |  | ----------------------- | -
|Korean GAAP                                                                                        |  | 2000                    |  
|                                                                                                   |  | (Millions of Won)       |  
|Earnings:                                                                                          |  |                         |  
|Net earnings                                                                                       |  | 986,210                 |  
|Income tax                                                                                         |  | 550,724                 |  
|Income from equity investees                                                                       |  | (8,937                  | )
|Dividend from equity method affiliates                                                             |  | 572                     |  
|Fixed charges                                                                                      |  | 657,002                 |  
|Less interest capitalized                                                                          |  | (152,574                | )
|Minority interest in earnings (losses) of consolidated subsidiaries                                |  | (54,329                 | )
|                                                                                                   |  |                         |  
|Total earnings                                                                                     |  | 1,978,668               |  
|                                                                                                   |  |                         |  
|Fixed charges:                                                                                     |  |                         |  
|Interest expense                                                                                   |  | 500,861                 |  
|Capitalized interest                                                                               |  | 152,574                 |  
|Amortization of bond issue cost                                                                    |  | (a                      | )
|One-third of rental expenses on operating leases, deemed to be representative of interest expenses |  | 3,567                   |  
|                                                                                                   |  |                         |  
|Total fixed charges                                                                                |  | 657,002                 |  
|                                                                                                   |  |                         |  
|Radios of earnings to fixed charges                                                                |  | 3.01:1                  |  
|                                                                                                   |  |                         |  
|U.S. GAAP                                                                                          |  |                         |  
|Earnings:                                                                                          |  |                         |  
|Net earnings                                                                                       |  | 701,391                 |  
|Income tax                                                                                         |  | 81,479                  |  
|Income from equity investees                                                                       |  | (18,000                 | )
|Dividend from equity method affiliates                                                             |  | 572                     |  
|Fixed charges                                                                                      |  | 448,714                 |  
|Less interest capitalized                                                                          |  | (19,152                 | )
|Minority interest in earnings (losses) of consolidated subsidiaries                                |  | 2,288                   |  
|                                                                                                   |  |                         |  
|Total earnings                                                                                     |  | 1,197,292               |  
|                                                                                                   |  |                         |  
|Fixed charges:                                                                                     |  |                         |  
|Interest expense                                                                                   |  | 427,402                 |  
|Capitalized interest                                                                               |  | 19,152                  |  
|Amortization of bond issue cost                                                                    |  | (a                      | )
|One-third of rental expenses on operating leases, deemed to be representative of interest expenses |  | 2,160                   |  
|                                                                                                   |  |                         |  
|Total fixed charges                                                                                |  | 448,714                 |  
|                                                                                                   |  |                         |  
|Radios of earnings to fixed charges                                                                |  | 2.67:1                  |  

---

|(a) |  | For the year ended December 31, 1999, under revised Korean GAAP, amortization of bond issue cost is to be included in interest expense. As a result, there is no separation of
amortization of bond issue cost from interest expense under U.S. GAAP.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------