In a landmark antitrust development, India’s competition regulator has determined that the nation’s leading steel producers—Tata Steel, JSW Steel, and state-owned SAIL—alongside 25 additional firms, engaged in unlawful price collusion practices. According to a confidential October regulatory order obtained by Reuters, the Competition Commission of India (CCI) investigation revealed systematic coordination on steel pricing between 2015 and 2023.
The probe, initiated in 2021 following complaints from construction industry stakeholders, has expanded to encompass 31 companies and industry associations. The CCI’s findings indicate that 56 senior executives, including JSW’s billionaire managing director Sajjan Jindal and Tata Steel CEO T.V. Narendran, bear individual liability for antitrust violations during varying periods within the eight-year timeframe.
Evidence examined by investigators includes WhatsApp communications between regional steel industry groups that allegedly demonstrate coordinated price-fixing efforts and production manipulation. The CCI has formally requested audited financial statements from all implicated companies covering fiscal years 2016 through 2023, typically a precursor to penalty calculations.
India, as the world’s second-largest crude steel producer, maintains strict antitrust provisions that empower the CCI to impose penalties of up to three times annual profit or 10% of turnover—whichever is higher—for each year of violation. Individual executives also face potential financial penalties.
Market response manifested immediately through share price declines: JSW Steel dropped 1.33%, SAIL fell 3.2%, and Tata Steel declined 0.7% following the revelation. All implicated companies either declined to comment or did not respond to Reuters’ inquiries regarding the allegations.
The case now enters its final review phase, where companies and executives may present objections before the CCI issues its definitive ruling—a process expected to require several months given the investigation’s complexity and scale.