The Competition Commission of India has found market leaders Tata Steel, JSW Steel, SAIL and 25 other firms in breach of antitrust law by colluding on steel selling prices, a Reuters report said.
Citing a confidential report, Reuters stated that CCI has also held 56 top executives of steel majors, including JSW Steel Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former SAIL chairpersons, liable for price collusion over varying periods from 2015 to 2023.
Reuters reported that the CCI order, dated October 6, has not been made public yet. As per the Reuters report, JSW and SAIL have denied the allegations before the CCI.
FinancialExpress.com, however, could not verify the news independently.
Investigation background
The CCI investigation started in 2021 after a group of builders alleged in a criminal case brought to a state court that nine companies were collectively restricting the supply of steel and increasing prices, the report added.
In 2022, the watchdog raided some small steel companies as part of an investigation into the industry. The probe was later expanded to as many as 31 companies and industry groups, as well as dozens of executives. Under CCI rules, details of cases related to cartel-like activity are not made public before they have concluded.
According to Reuters, the CCI investigation has “found the conduct of the parties to be in contravention” of Indian antitrust law and “certain individuals have also been held liable,” the order stated.
Reuters highlighted that the findings are a critical stage of any antitrust case. They will be reviewed by top CCI officials and companies, and executives will also have the opportunity to submit any objections or comments in a process that is likely to take several months, given the scale of the investigation. The CCI will then issue its final order, which will be released publicly.
Investigation findings
As per the Reuters report, The CCI opened the case after Coimbatore Corporation Contractors Welfare Association alleged in a case it brought before a Tamil Nadu state court in 2021 that steel companies had hiked prices by 55% during a six-month period to March 11 that year and were artificially boosting prices by restricting supply to builders and consumers.
After the public prosecutor said the issue was an antitrust matter, the judge then ordered the CCI to take “appropriate action” on the complaint of the association, whose members are involved in road and highway construction.
Other companies in the CCI document that were found to have allegedly colluded on prices, include Shyam Steel Industries, state-run Rashtriya Ispat Nigam and other smaller-sized firms, the Reuters report added.
Reuters reported that the CCI has asked the steel companies to submit their audited financial statements for the eight financial years to 2023, the October order showed. The watchdog typically seeks such details to calculate potential penalties.
India’s position in the global steel market
India is the world’s second-largest producer of crude steel, and demand for the alloy has been rising as infrastructure spending has increased in the fast-growing major economy.
JSW Steel has 17.5% of the Indian market, Tata Steel 13.3% and SAIL 10% In the last fiscal year to March 2025, JSW Steel reported standalone revenues of $14.2 billion, while Tata Steel’s were $14.7 billion.