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In this study, an axi-symmetric finite element program for elastic analysis of the die set shrink fitted in cold extrusion was developed. The geometrical constraint according to shrink fit was enforced by employing the Lagrange multiplier method. The numerical results for strain and stress distributions in the die set including single and multi stress rings assembled by shrink fit were compared well with the Lame's equation for thick-walled solution available in the literature. To extend the applicability of the analysis program developed, various cases without or with stress ring and with pre-stress applied on stress ring were numerically investigated as well. This numerical approach enables the optimization study to determine optimal dimensions of die set to improve tool life for practical use in industry.