Exhibit 7.1

Computation of Ratios of Earnings to Fixed Charges

	Year Ended December 31,
Korean GAAP	2002			2003			2004
	(Millions of Won)
Earnings:
Net earnings		1,946,934			821,734			1,282,216
Income tax		741,354			523,631			577,889
Income from equity investees		(8,524	)		(5,462	)		(11,310	)
Dividend from equity method affiliates		469			554			333
Fixed charges		828,079			720,744			708,364
Less interest capitalized (a)		(158,482	)		—			—
Minority interest in earnings of consolidated subsidiaries		316,918			235,695			148,931
Total earnings		3,666,748			2,296,896			2,706,423
Fixed charges:
Interest expense		650,460			705,540			678,514
Capitalized interest (a)		158,482			—			—
One-third of rent expenses on operating leases, deemed to be representative of interest expense		19,137			15,204			29,850
Total fixed charges		828,079			720,744			708,364
Radios of earnings to fixed charges		4.43:1			3.19:1			3.82:1

U.S. GAAP
Earnings:
Net earnings	1,556,262		395,443		1,404,616
Income tax	519,642		217,568		386,934
Income from equity investees	(10,713	)	(10,559	)	(36,136	)
Dividend from equity method affiliates	1,278		958		45,153
Fixed charges	488,970		443,078		467,365
Less interest capitalized	(27,853	)	(21,469	)	(12,154	)
Minority interest in losses of consolidated subsidiaries	(3,222	)	(22	)	(1,760	)
Total earnings	2,524,364		1,024,997		2,254,018
Fixed charges:
Interest expense	461,117		421,609		455,211
Capitalized interest	27,853		21,469		12,154
One-third of rent expense on operating leases, deemed to be representative of interest expense	—		—		—
Total fixed charges	488,970		443,078		467,365
Radios of earnings to fixed charges	5.16:1		2.31:1		4.82:1

(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.