India’s competition watchdog has found that market leader Tata Steel, JSW Steel, state-run SAIL and 25 other companies violated antitrust laws by colluding on steel selling prices, a confidential document shows, threatening the companies and their executives with huge fines.
The Competition Commission of India (CCI) has held 56 top executives, including JSW’s billionaire managing director Sajjan Jindal, Tata Steel CEO TV Narendran and four former chairmen of SAIL, liable for price collusion at different times between 2015 and 2023, according to the October 6 CCI order, which has not been made public and is being reported for the first time.
JSW declined to comment, while Tata Steel, SAIL and officials did not respond. reuters Question. CCI also did not respond to requests for comment.
The CCI investigation – the most high-profile case involving the steel industry – began in 2021 when a group of builders brought a criminal case in state court alleging that nine companies were collectively restricting steel supplies and raising prices. reuters In 2022 it was reported that the watchdog raided some small steel companies as part of an investigation into the industry.
The investigation was later expanded to 31 companies and industry groups as well as dozens of officials, the CCI’s October order reviewed. reutersShows. Under CCI rules, details of cases related to cartel-like activity are not made public before their conclusion.
The order said the CCI investigation “has found the conduct of the parties to be in violation of Indian antitrust law” and “certain individuals have also been held liable”.
Findings are an important stage of any antitrust case.
They will be reviewed by top CCI officials and companies and officials will also have the opportunity to submit any objections or comments in the process, which is likely to take several months given the scale of the investigation.
After this the CCI will issue its final order, which will be released publicly.
Risk of significant fines
India is the world’s second-largest producer of crude steel, and demand for the alloy is rising due to increased infrastructure spending in the fast-growing major economy.
According to data from commodity consultancy Bigmint, JSW Steel has 17.5% share in the Indian market, Tata Steel has 13.3% and SAIL has 10%.
In the last financial year to March 2025, JSW Steel reported standalone revenue of $14.2 billion, while Tata Steel’s revenue stood at $14.7 billion.
The CCI is empowered to impose a fine on steel companies for wrongdoing each year, up to three times their profit or 10% of the turnover, whichever is higher. Individual officials may also be fined.
JSW and SAIL have denied the allegations before the CCI, according to two people familiar with the matter, who declined to be named as the matter is confidential.
One of them said JSW has also submitted its reply to the CCI and denied the allegations.
At 8:52 am GMT, JSW Steel shares extended losses as much as 1.33%, SAIL lost 3.2%, and Tata Steel shares turned negative and fell as much as 0.7%. The key Nifty Metal index also turned negative in Mumbai trade.
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The CCI opened the case after the Coimbatore Corporation Contractors Welfare Association, in a case brought before the Tamil Nadu state court in 2021, alleged that steel companies had increased prices by 55% during the six-month period till March 11 that year and were artificially increasing prices by restricting supplies to builders and consumers.
After the government lawyer said the case was one of antitrust, the judge ordered the CCI to take “appropriate action” on the complaint by the association, whose members are involved in road and highway construction.
Other companies found in the CCI document allegedly colluding on prices included Shyam Steel Industries, state-run Rashtriya Ispat Nigam and other smaller-sized companies. Shyam and Rashtriya did not respond reuters Question.
The October order revealed that CCI has asked steel companies to submit their audited financial statements for eight financial years till 2023. The watchdog usually asks for such details to calculate potential penalties.
While the October order did not give details of the evidence analyzed, an internal CCI document dated July 2025 said officials had uncovered WhatsApp messages exchanged between regional industry groups of steel product manufacturers that suggested wrongdoing.
The July document said the messages “indicate they are involved in fixing prices/cutting production.”
published – January 06, 2026 11:14 PM IST
