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

^(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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