India Antitrust Watchdog Finds Major Steelmakers Guilty of Price Collusion

India's competition regulator has concluded that some of the country's largest steel producers, including Tata Steel, JSW Steel and state-owned Steel Authority of India Ltd(SAlL), breached antitrust rules by colluding on steel prices, according to per Reuters,citing a confidential regulatory document.

The Competition Commission of India(CCI) has also held 56 senior executives personally liable for their roles in the alleged coordinatidon, including JSW Steel's billionaire managing director Saijan Jindal, Tata Steel chief executive T.V.Narendran and four former chairpersons of SAlL. The violations were found to have occurred over different periods between 2015 and2023, per Reuters, referencing a CCl order dated October 6 that has not been made public.

JSW Steel declined to comment on the findings,while Tata Steel,SAlL and the executives named did not respond to queries,according to per Reuters.The competition watchdog itself has also not commented on the matter.

The investigation,described as the most prominent antitrust case involving India's steel sector, began in 2021 after a builders' association accused several companies of jointly restricting steel supplies and driving up prices.Per Reuters, earlier reporting showed that the regulator carried out raids on smaller steel firms in 2022 as part of its inquiry.

According to the October order reviewed byReuters, the scope of the probe later widened to include as many as 31 companies and industry bodies, along with dozens of executives. Under CCI rules, details of alleged cartel activity are kept confidential until proceedings are completed. The order stated that the regulator had "found the conduct of the parties to be in contravention" of competition law and that "certain individuals have also been held liable. These findings represent a crucial step in the enforcement process. They will now be examined by senior CCI officials, while companies and executives will be given the opportunity to submit objections or responses, a process expected to take several months due to the scale of the case. The regulator will then issue a final decision, which will be made public.

The case carries significant financial risk for the companies involved.India is the world's second-largest producer of crude steel, and demand has been climbing alongside increased infrastructure spending.JSW Steel holds about 17.5% of the domestic market,Tata Steel13.3% and SAlL roughly 10%,according to data cited by Reuters from consultancy BigMint. In the fiscal year ending March 2025,JSW Steel reported standalone revenue of$14.2billion, while Tata Steel posted $14.7 billion.Under Indian law,the CCI can levy penalties of up to three times a company's profit or 10% of its turnover for each year of wrongdoing, whichever is higher. Individual executives may also face fines.

Per Reuters, people familiar with the case said JSW and SAlL have denied the allegations before the regulator. One source added that JSW had formally submitted its response rejecting the claims.

The market reacted negatively to the news.At 0852 GMT,shares of JSW Steel were down1.33%, SAlL had fallen 3.2%, and Tata Steel slipped as much as 0.7%.The broader Nifty Meta Index also turned lower in Mumbai trading, according to per Reuters.

The CCl inquiry stemmed from a complaint filed in 2021 by the Coimbatore Corporation Contractors Welfare Association, which alleged that steel producers had raised prices by 55% over a six-month period and were artificially inflating rates by limiting supply. After a public prosecutor said the issue fell under competition law, a state court judge directed the CCI to take"appropriate action" on the complaint, per Reuters.

Other companies cited in the confidential document include Shyam Steel Industries and state-run Rashtriya Ispat Nigam, along with several smaller firms.These companies did not respond to requests for comment, according to per Reuters.

The October order also required the companies under investigation to submit audited financial statements covering eight financial years up to 2023, a step typically used by the regulator to assess potential penalties. While the order did not spell out the evidence examined, an internal CCI document dated July2025 said investigators had reviewed WhatsApp messages exchanged among regional steel industry groups. The messages "indicate that they are involved in fixing the prices/cutting down production, "the document said, per Reuters.