UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO

RULE 13a-16 OR 15d-16 UNDER THE SECURITIES

EXCHANGE ACT OF 1934

For the month of July 2004

KT Corporation

206 Jungja-dong

Bundang-gu, Sungnam

Kyunggi-do

463-711

Korea

(Address of principal executive offices)

(indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F  x    Form 40-F  ¨

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes  ¨    No  x

This Current Report on Form 6-K is being filed to incorporate by reference into Registration Statement No. 333-100251 on Form F-3, effective December 27, 2002, relating to $1,210,050,000 0.25% Convertible Notes Due 2007, $500,000,000 4.30% Bonds Due 2005 and Warrants to Purchase 9,270,200 Common Shares.

Adjustment of Exchange Price

1.      Details of adjustment	Series No. of bond	Type of bond	Exchange price before adjustment (KRW)	Exchange price after adjustment (KRW)
	6	Exchangeable Bonds	60,588	58,963
2.      Formula for adjusting exchange price	P X (M-sp)/M P: exchange price before adjustment M: average 10 day market closing price per common share prior to the date of special dividend announcement (July, 29) (37,285KRW) sp : amount of special dividend payable per common share (1,000KRW)
3.      Method of adjustment	Exchange price after adjustment = P X (M-sp)/M
4.      Reasons for adjustment	Adjustment according to EB covenant (Adjustment shall be made under every dividend payment once the cumulative amount for the year exceeds the 20% annual dividend growth rate starting from the basis year)
5.      Effective date of adjusted price	July 1, 2004
6.      Date of board resolution	July 29, 2004
- attendance of outside directors	present(no.)	6	absent(no.)	2
- attendance of audit committee member	present
7.      Scheduled announcement date of the adjusted exchange price	July 29, 2004
8.      Others	1. The adjustment applies to overseas Exchangeable Bonds 2. The adjustment is retroactively effective as of July 1, 2004 3. Date of related disclosure: February 5, 2004

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: July 29, 2004

KT Corporation
By:	/s/ Wha Joon Cho
Name:	Wha Joon Cho
Title:	Managing Director