They are totally different measures of two totally different things. Thrust is a force. No velocity is required or implied by thrust. Horsepower is a measure of the rate at which work is done. In other words, Power is a force applied over a given distance in a given period of time.
To convert from thrust to Horsepower the equation:
HP = [Thrust (pounds) X Velocity (knots)]/ 325 (375 if you use MPH instead of knots)
Works pretty well.
For a simple rule of thumb:
At 325 knots, (or 375 MPH) 1 lb of thrust is roughly equal to 1 horsepower.
Altitude has nothing to do with it, with the exception that depending on engine type, thrust will generally vary with altitude.