In a landmark development for India's industrial sector, the country's competition regulator has determined that leading steel producers, including market giants Tata Steel, JSW Steel, and the state-owned Steel Authority of India (SAIL), violated antitrust laws. A confidential order reveals the companies engaged in collusion to manipulate steel selling prices.
Widespread Collusion Uncovered
The investigation by the Competition Commission of India (CCI), which began in 2021, has expanded significantly. The regulator's order dated October 6, 2025, reviewed by Reuters, states that as many as 31 companies and industry groups were involved in the alleged cartel-like activity. Besides the major players, the list includes firms like Shyam Steel Industries and the state-run Rashtriya Ispat Nigam.
Most notably, the CCI has held 56 top executives personally liable for the price-fixing that occurred over varying periods between 2015 and 2023. The high-profile names include JSW's billionaire Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former chairpersons of SAIL.
The Genesis and Evidence of the Case
The probe was triggered by a criminal complaint filed in 2021 by the Coimbatore Corporation Contractors Welfare Association before a Tamil Nadu state court. The builders' group alleged that nine steel companies had collectively restricted supply and hiked prices by 55% in a six-month period leading to March 11, 2021. A judge later directed the CCI to take action.
While the October order does not detail evidence, an internal CCI document from July 2025 indicates that officials uncovered incriminating WhatsApp messages exchanged between regional industry groups of steel product makers. These messages reportedly suggested coordination on fixing prices and cutting production.
Financial Stakes and Potential Penalties
The financial implications are substantial. JSW Steel holds a 17.5% share of the Indian market, followed by Tata Steel at 13.3% and SAIL at 10%. In the fiscal year ending March 2025, JSW Steel reported standalone revenues of $14.2 billion, while Tata Steel's were $14.7 billion.
The CCI is empowered to impose severe penalties. Companies face fines of up to three times their profit or 10% of their annual turnover, whichever is higher, for each year of violation. Individual executives can also be fined separately. The CCI has already asked the firms to submit audited financial statements for the eight years up to 2023, typically a step to calculate potential fines.
JSW Steel and SAIL have denied the allegations before the CCI, according to sources. JSW also submitted a formal response contesting the charges. Tata Steel, SAIL, and the implicated executives did not respond to Reuters queries. The CCI also declined to comment.
The findings represent a critical stage in the process. Top CCI officials will now review the order, and the companies and executives will have the opportunity to submit objections. This procedure is expected to take several months due to the investigation's scale before a final, public order is issued.
The market reacted swiftly to the news. Shares in JSW Steel fell 1.33%, SAIL dropped 3.2%, and Tata Steel declined 0.7% following the report, dragging the main Nifty Metal Index into negative territory.
