Exhibit 7.1

Computation of Ratios of Earnings to Fixed Charges

	Year Ended December 31,
Korean GAAP	2000		2001		2002
	(Millions of Won)
Earnings:
Net earnings	986,210		1,112,975		1,946,934
Income tax	550,724		421,470		741,354
Income from equity investees	(8,937	)	(5,157	)	(8,524	)
Dividend from equity method affiliates	572		1,995		469
Fixed charges	657,002		836,725		828,079
Less interest capitalized	(152,574	)	(119,147	)	(158,482	)
Minority interest in earnings (losses) of consolidated subsidiaries	(54,329	)	260,422		316,918
Total earnings	1,978,668		2,509,283		3,666,748
Fixed charges:
Interest expense	500,861		712,442		650,460
Capitalized interest	152,574		119,147		158,482
Amortization of bond issue cost	(a	)	(a	)	(a	)
One-third of rental expenses on operating leases, deemed to be representative of interest expenses	3,567		5,136		19,137
Total fixed charges	657,002		836,725		828,079
Radios of earnings to fixed charges	3.01:1		3.00:1		4.43:1
U.S. GAAP
Earnings:
Net earnings	701,391		1,006,324		1,556,262
Income tax	81,479		249,471		525,996
Income from equity investees	(18,000	)	(8,898	)	(10,713	)
Dividend from equity method affiliates	572		1,995		1,278
Fixed charges	448,714		563,298		488,970
Less interest capitalized	(19,152	)	(43,925	)	(27,853	)
Minority interest in earnings (losses) of consolidated subsidiaries	2,288		2,220		(3,222	)
Total earnings	1,197,292		1,770,485		2,530,718
Fixed charges:
Interest expense	427,402		517,051		461,117
Capitalized interest	19,152		43,925		27,853
Amortization of bond issue cost	(a	)	(a	)	(a	)
One-third of rental expenses on operating leases, deemed to be representative of interest expenses	2,160		2,322		—
Total fixed charges	448,714		563,298		488,970
Radios of earnings to fixed charges	2.67:1		3.14:1		5.18:1

(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.