tells you that the connection can't be made due to hardware failure.
This is often because you haven't selected the correct modem in your dial up network connection configuration, so that's the first thing to check.
The other possibility is that during the reformat the modem driver was removed, and hasn't been replaced - so check that as well. To be honest, this problem could have several causes, but as you've reformatted the machine it's obviously a software issue. There's nothing wrong with the modem.