India’s competition regulator has found steel giants Tata Steel, JSW Steel, state-owned SAIL and 25 other companies violating antitrust laws by deliberately increasing steel prices, a confidential document has revealed. Due to this, there is a danger of heavy fines on the companies and their officials. According to an October 6 order by the Competition Commission of India (CCI), 56 top executives, including JSW’s billionaire MD Sajjan Jindal, Tata Steel CEO TV Narendran and four former SAIL chairmen, have been found accused of price manipulation at different times between 2015 and 2023, Reuters reported.
According to the report, this order has not been made public yet. JSW declined to comment on the report, while Tata Steel, SAIL and officials did not respond to Reuters queries. CCI also did not respond to requests for comment. The most high-profile case ever related to the steel industry, the CCI investigation began in 2021 when a group of builders filed a criminal case in a state court alleging that nine companies were colluding to limit the supply of steel and increase prices.
The scope of investigation had increased
Reuters reported in 2022 that the regulator had raided some small steel companies as part of its investigation into the industry. The CCI’s October order, reviewed by Reuters, shows that the scope of the investigation was later expanded to include 31 companies and industry groups as well as dozens of officials. As per CCI rules, details of cases related to cartel-like activities are not made public before their conclusion.
The order states that the CCI investigation has found the parties’ conduct to be in violation of Indian antitrust law” and “certain individuals have also been convicted”. The findings of the investigation are an important phase of any antitrust case. They will be reviewed by top CCI officials and companies and executives will also have an opportunity to put forward objections or comments in the process, which is likely to take several months given the broad scope of the investigation. The CCI will then issue its final order, which will be made public.
threat of heavy fines
India is the world’s second largest producer of crude steel. According to data from commodity consultancy Bigmint, JSW Steel’s share in the Indian market is 17.5 percent, Tata Steel’s 13.3 percent and SAIL’s 10 percent. In the last fiscal year ending March 2025, JSW Steel reported standalone revenue of $14.2 billion, while Tata Steel’s revenue was $14.7 billion.
The CCI has the power to impose a fine on steel companies for irregularities up to three times their profit or 10 per cent of the turnover, whichever is higher, for each year. Officials can also be fined. According to two sources familiar with the matter, who spoke on condition of anonymity, JSW and SAIL have denied the allegations before the CCI. One of them said that JSW has also submitted its reply to CCI and has denied the allegations.
whatsapp chat reviewed
The CCI initiated the case after the Coimbatore Corporation Contractors Welfare Association made allegations in a case filed in a Tamil Nadu state court in 2021. The association had alleged that steel companies had increased prices by 55 per cent in the six-month period till March 11 that year and were artificially increasing prices by limiting supplies to builders and consumers.
When the public prosecutor said the case was one of antitrust law, the judge ordered the CCI to take “appropriate action” on the association’s complaint. The members of the association are involved in road and highway construction. Other companies accused of price collusion in the CCI document include Shyam Steel Industries, state-owned Rashtriya Ispat Nigam and other smaller companies. Shyam and Rashtriya did not respond to Reuters questions.
Asked for financial details from companies
As per the October order, CCI has asked steel companies to submit their audited financial details for eight financial years till 2023. The regulator usually asks for such details to calculate potential penalties. The October order did not detail the evidence analyzed, but an internal CCI document dated July 2025 said authorities had detected WhatsApp messages between regional industry groups of steel product makers that indicated wrongdoing. The July document said the messages “indicate that the companies are involved in price manipulation/production curtailment.”