Thai hot rolled steel coil maker Sahaviriya Steel Industries said that it had spent THB 3.45 billion to raise its stake in Thai Cold Rolled Steel Sheet to a controlling 50.15% from 18% as part of its expansion plan.

Japan's JFE Steel Corporation and Marubeni Corporation held a combined 44.6% in Thai Cold Rolled Steel Sheet after the Sahaviriya acquisition.

Thai Cold Rolled has annual capacity of 1.2 million tonnes of cold rolled sheet, which uses hot rolled steel as a raw material.

Sahaviriya Steel wants to cut costs by expanding into downstream and upstream steel. Sahaviriya Group, which owns 47% of Sahaviriya Steel, has planned to start building a USD 10 billion iron ore smelter in the fourth quarter of 2008.