Glovis Co., the shipping affiliate of Hyundai Motor Co., secured an agreement worth 1.3 trillion won ($1 billion) from Hyundai Steel Co. to transport raw materials from Australia, Brazil and Canada. The company will deploy four vessels for as long as 20 years from January 2011 under the deal, it said in a regulatory filing today. Hyundai Motor Co. Chairman Chung Mong Koo and his son own a combined 56 percent of Seoul-based Glovis, according to data compiled by Bloomberg. Hyundai Steel, South Korea's second- biggest steelmaker, is also an affiliate of the carmaker.
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