Exhibit 7.1



Computation of Ratios of Earnings to Fixed Charges



|                                                                                                   |  |                         |   |  |           |   |  |           |    
|-------------------------------------------------------------------------------------------------- |  | ----------------------- | - |  | --------- | - |  | --------- | ---
|                                                                                                   |  | Year Ended December 31, |  
|Korean GAAP                                                                                        |  | 2001                    |   |  | 2002      |   |  | 2003      |    
|                                                                                                   |  | (Millions of Won)       |  
|                                                                                                   |  |                         |   |  |           |   |  |           |    
|Earnings:                                                                                          |  |                         |   |  |           |   |  |           |    
|Net earnings                                                                                       |  | 1,112,975               |   |  | 1,946,934 |   |  | 821,734   |    
|Income tax                                                                                         |  | 421,470                 |   |  | 741,354   |   |  | 523,631   |    
|Income from equity investees                                                                       |  | (5,157                  | ) |  | (8,524    | ) |  | (5,462    | )  
|Dividend from equity method affiliates                                                             |  | 1,995                   |   |  | 469       |   |  | 554       |    
|Fixed charges                                                                                      |  | 836,725                 |   |  | 828,079   |   |  | 720,744   |    
|Less interest capitalized                                                                          |  | (119,147                | ) |  | (158,482  | ) |  |           | (a)
|Minority interest in earnings (losses) of consolidated subsidiaries                                |  | 260,422                 |   |  | 316,918   |   |  | 235,695   |    
|                                                                                                   |  |                         |   |  |           |   |  |           |    
|Total earnings                                                                                     |  | 2,509,283               |   |  | 3,666,748 |   |  | 2,296,896 |    
|                                                                                                   |  |                         |   |  |           |   |  |           |    
|Fixed charges:                                                                                     |  |                         |   |  |           |   |  |           |    
|Interest expense                                                                                   |  | 712,442                 |   |  | 650,460   |   |  | 705,540   |    
|Capitalized interest                                                                               |  | 119,147                 |   |  | 158,482   |   |  |           | (a)
|One-third of rental expenses on operating leases, deemed to be representative of interest expenses |  | 5,136                   |   |  | 19,137    |   |  | 15,204    |    
|                                                                                                   |  |                         |   |  |           |   |  |           |    
|Total fixed charges                                                                                |  | 836,725                 |   |  | 828,079   |   |  | 720,744   |    
|                                                                                                   |  |                         |   |  |           |   |  |           |    
|Ratios of earnings to fixed charges                                                                |  | 3.00:1                  |   |  | 4.43:1    |   |  | 3.19:1    |    
|                                                                                                   |  |                         |  
|U.S. GAAP                                                                                          |  |                         |   |  |           |   |  |           |    
|Earnings:                                                                                          |  |                         |   |  |           |   |  |           |    
|Net earnings                                                                                       |  | 1,006,324               |   |  | 1,556,262 |   |  | 395,443   |    
|Income tax                                                                                         |  | 261,677                 |   |  | 519,642   |   |  | 217,568   |    
|Income from equity investees                                                                       |  | (8,898                  | ) |  | (10,713   | ) |  | (10,559   | )  
|Dividend from equity method affiliates                                                             |  | 1,995                   |   |  | 1,278     |   |  | 958       |    
|Fixed charges                                                                                      |  | 563,298                 |   |  | 488,970   |   |  | 443,078   |    
|Less interest capitalized                                                                          |  | (43,925                 | ) |  | (27,853   | ) |  | (21,469   | )  
|Minority interest in earnings (losses) of consolidated subsidiaries                                |  | 2,220                   |   |  | (3,222    | ) |  | (22       | )  
|                                                                                                   |  |                         |   |  |           |   |  |           |    
|Total earnings                                                                                     |  | 1,782,691               |   |  | 2,524,364 |   |  | 1,024,997 |    
|                                                                                                   |  |                         |   |  |           |   |  |           |    
|Fixed charges:                                                                                     |  |                         |   |  |           |   |  |           |    
|Interest expense                                                                                   |  | 517,051                 |   |  | 461,117   |   |  | 421,609   |    
|Capitalized interest                                                                               |  | 43,925                  |   |  | 27,853    |   |  | 21,469    |    
|One-third of rental expenses on operating leases, deemed to be representative of interest expenses |  | 2,322                   |   |  |          |   |  |          |    
|                                                                                                   |  |                         |   |  |           |   |  |           |    
|Total fixed charges                                                                                |  | 563,298                 |   |  | 488,970   |   |  | 443,078   |    
|                                                                                                   |  |                         |   |  |           |   |  |           |    
|Ratios of earnings to fixed charges                                                                |  | 3.16:1                  |   |  | 5.16:1    |   |  | 2.31:1    |    

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|(a) | According to the revised K-GAAP, effective on January 1, 2003, the company elected to no
longer capitalize interest costs on all borrowings, incurred prior to completion of the acquisitions, as part of the cost of qualifying assets.
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