Sahaviriya Steel reduces stake in cold rolled sheet JV

Thailand-based Sahaviriya Steel Industries Public Company Limited (SSI), the largest steel sheet producer in Southeast Asia, has announced that it has completed the sale of its shares in Thai Cold Rolled Steel Sheet Public Company Limited (TCR), a joint venture between SSI and Japanese steelmaker JFE Steel and Japan-based trading company Marubeni-Itochu Steel Inc. (MISI).
 
JFE Steel and MISI invested $50 million to increase their stake in TCR. After completion of the share transaction, SSI's shareholding in the joint venture decreased to 35.19 percent. SSI used a part of the proceedings from the share transaction to additionally invest in SSI UK by subscribing for newly issued ordinary shares.