The Competition Commission of India (CCI) has found the country’s three biggest steel manufacturing companies and 25 other companies guilty of violating antitrust laws. These companies colluded to increase steel prices. Reuters gave this report on January 6. These companies include Tata Steel, JSW Steel and government company SAIL.
56 senior executives also involved in collusion
The CCI has also held 56 senior executives responsible for collusion at different times between 2015 and 2023. These include JSW Managing Director Sajjan Jindal, Tata Steel Chief Executive Officer TV Narendran and four former chairpersons of SAIL. This information is based on CCI’s order of 6 October. This order has not been made public yet.
CCI started the investigation in the year 2021
JSW refused to provide information in this regard. Executives at Tata Steel and SAIL did not respond to Reuters questions. CCI also declined a request for comment on the matter. This CCI investigation was the most high-profile investigation related to India’s steel sector. The investigation started in 2021 when a builders’ association made an allegation in this regard.
CCI raided some steel companies in 2022
During the hearing of a case in a court in Tamil Nadu, the Builders Association had alleged that the steel companies were colluding to reduce the supply and increase the prices. Reuters had reported in 2022 that CCI had raided some steel companies as part of its investigation. Later, 31 companies, industry bodies and several dozen executives were included in the scope of this investigation.
CCI is not allowed to make the investigation information public
Under CCI rules, information about cartel-related investigation cases is not made public until the case proceedings are completed. The CCI’s October order said the investigation had found that the parties had violated antitrust laws. He had also said that some individuals were also found involved in this case.
CCI can impose penalty on companies
Senior CCI officials will consider the investigation report. After that, the executives of the companies will be given a chance to present their objections before the final order is issued. Reuters has given this information. India is the second largest producer of crude steel in the world. CCI has the power to impose a penalty of three times the company’s profit or 10 percent of the turnover. The higher of these applies. This is imposed for each year of violation of the rules.
Shares of steel companies fell due to this news
CCI can also impose fine on executives of companies. After this report, shares of JSW Steel, SAIL and Tata Steel fell on January 6. Due to this, Nifty Metal Index closed down. CCI’s October order does not specify what kind of evidence was examined in this case. Reuters said an internal CCI document dated July 2025 revealed that officials had discovered WhatsApp messages between regional industry groups. This indicated pricing fixing and supply interruption.