CCI Finds Major Indian Steel Makers Colluded on Prices; Executives Also Held Liable
India’s Competition Commission (CCI) has found that leading steel producers — including Tata Steel, JSW Steel, state-run SAIL and 25 other firms — violated antitrust laws by colluding to fix steel prices and restrict supply between 2015 and 2023, according to a confidential October 6 order reviewed by Reuters. The watchdog has also held 56 top executives, among them JSW Managing Director Sajjan Jindal and Tata Steel CEO T.V. Narendran, responsible for the alleged misconduct over different periods.
The investigation began in 2021 after a builders’ association accused several companies of jointly raising steel prices and limiting availability. Over time, the probe expanded to 31 companies and industry bodies, and the CCI examined communications, including WhatsApp messages among regional industry groups, that indicated coordinated pricing and production cuts. While JSW declined comment and Tata Steel and SAIL did not respond to queries, some firms have denied wrongdoing before the regulator.
The findings mark a key stage in the antitrust process. Companies and executives will now have an opportunity to respond before the CCI issues its final public order, a process expected to take months. If confirmed, the regulator can levy significant penalties — up to three times a company’s profit or 10% of turnover per year of violation — and fine individuals as well. Following the report, shares of major steelmakers slipped in Mumbai trading, with the Nifty Metal index also turning negative.
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