Mittal Steel has denied concerns of a full takeover in Mittal Steel SA after the global steel maker lifted its stake in the company from 50 percent to 52 percent on Friday.

Mittal Steel announced it had bought nine million shares in Mittal Steel SA for R460-million, or R52.21 a share.

It has to make a mandatory offer to Mittal Steel SA minorities once its shareholding exceeds 60 percent.

According to Business Day, this is the first time the steel giant has increased its stake in Mittal Steel SA since it gained control of the former Iscor in June 2004, and could signal the start of a gradual move towards a buyout.

However, Mittal Steel said it was a once off purchase aimed at further consolidating its stake in Mittal Steel SA, and that "this does not in any way signify any interest from Mittal Steel to take its interest over 60 percent or make an offer to minorities".

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