India’s competition regulator has found that leading steel producers, including Tata Steel, JSW Steel, state-run SAIL, and 25 other firms, breached antitrust laws by colluding on steel prices, according to a confidential order reviewed by Reuters. The findings, covering the period from 2015 to 2023, also hold 56 top executives—including JSW’s billionaire Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former SAIL chairpersons—liable for orchestrating price-fixing schemes.
The Competition Commission of India (CCI) launched the investigation in 2021 after builders brought a case to a Tamil Nadu state court alleging that nine companies restricted steel supply and artificially inflated prices. Reuters reported in 2022 that some smaller steel firms were raided as part of the probe. The investigation eventually expanded to 31 companies and industry groups, with dozens of executives implicated. Under CCI rules, details of cartel cases are kept confidential until conclusions are reached.
The October 6 order, previously unreleased, represents a key stage in the investigation. Companies now have the opportunity to submit objections or comments, which could take several months to review before the CCI issues a final public decision. Steelmakers have also been asked to provide audited financial statements for the eight financial years up to 2023, enabling regulators to calculate potential fines.
India is the world’s second-largest crude steel producer, with JSW Steel controlling 17.5% of the market, Tata Steel 13.3%, and SAIL 10%, according to commodities consultancy BigMint. The CCI can impose penalties of up to three times a company’s profit or 10% of turnover per year of wrongdoing, while executives can face additional fines. In the last fiscal year to March 2025, JSW Steel reported revenues of $14.2 billion, and Tata Steel $14.7 billion.
Evidence reviewed by the CCI reportedly included WhatsApp messages exchanged among regional steel industry groups suggesting price-fixing and production control. Some companies, including JSW and SAIL, have denied wrongdoing in their responses to the commission, Reuters reported, emphasizing that the case remains under active investigation. The probe highlights the CCI’s focus on maintaining fair competition in one of India’s most critical industrial sectors.
