India probe finds Tata Steel, JSW Steel, SAIL breached antitrust law, regulatory order shows

India’s competition watchdog has found that market leaders Tata Steel, JSW Steel, state-run SAIL and 25 other firms violated antitrust law by colluding on steel sales prices, putting the companies and their executives at risk of heavy fines, according to a confidential document.

The Competition Commission of India (CCI) has held 56 senior executives, including JSW’s billionaire Managing Director Sajjan Jindal, Tata Steel CEO TV Narendran and four former SAIL chairmen, responsible for the price dispute over varying time periods between 2015 and 2023, according to the CCI order dated October 6, which has not been made public and was reported for the first time.

While JSW declined to comment, Tata Steel, SAIL and executives did not respond to Reuters’ questions. CCI also did not respond to requests for comment.

The CCI investigation, the most notable case involving the steel industry, began in 2021 after a group of builders petitioned a state court in a criminal case that nine companies had collectively restricted steel supplies and increased prices.

Reuters reported that the watchdog raided some smaller steel companies in 2022 as part of an investigation into the sector.

The CCI’s October order, reviewed by Reuters, shows the investigation was later expanded to include 31 companies and industry groups, as well as dozens of executives. According to CCI rules, details of cases related to cartel-like activities are not made public before their conclusion.

The decision stated that the CCI investigation “found that the parties’ conduct was contrary to Indian antitrust law” and that “some individuals were also held responsible.”

Findings are a critical phase of any antitrust case.

These will be reviewed by senior CCI officials and companies, and executives will also have the opportunity to submit any objections or comments in a process that is likely to take several months, given the size of the investigation.

CCI will then issue its final decision which will be made public.

Risk of significant fines

India is the world’s second largest producer of crude steel, and demand for the alloy is increasing as infrastructure spending increases in the rapidly growing major economy.

According to data from commodity consultancy BigMint, JSW Steel has 17.5% of the Indian market, Tata Steel has 13.3% and SAIL has 10%.

In the last financial year to March 2025, JSW Steel’s standalone revenue was $14.2 billion, while Tata Steel’s was $14.7 billion.

The CCI has the power to fine steel companies up to three times their profits or 10% of their turnover, whichever is higher, for each year of misconduct. Individual executives can also be fined.

JSW and SAIL have denied the allegations before the CCI, according to two people familiar with the matter who declined to be named as the case is confidential.

One of them said that JSW also submitted its reply to CCI and denied the allegations.

At 08:52 GMT, shares of JSW Steel extended losses to 1.33%, SAIL fell 3.2% and Tata Steel turned negative, falling as much as 0.7%. The main Nifty Metal Index also turned negative in Mumbai trade.

Whatsapp chats were examined

CCI filed the case after the Coimbatore Corporation Contractors Welfare Association, in a case filed in the Tamil Nadu state court in 2021, alleged that steel companies increased prices by 55% in the six-month period till March 11 that year and artificially increased prices by restricting supply to builders and consumers.

After the prosecutor said that the issue was an antitrust issue, the judge ordered CCI to take “necessary measures” following the complaint of the association whose members are engaged in road and highway construction.

Other companies alleged to have colluded on prices in the CCI document include Shyam Steel Industries, state-run Rashtriya Ispat Nigam and other small-scale firms. Shyam and Rashtriya did not respond to Reuters’ questions.

According to the order in October, CCI asked steel companies to submit their audited financial statements for eight financial years up to 2023. The observer often looks for such details to calculate potential penalties.

Although the October order did not detail the evidence analysed, a CCI internal document dated July 2025 said authorities had uncovered WhatsApp messages suggesting wrongdoing between regional industry groups of steel products producers.

The messages “showed they were interested in fixing prices/cutting production,” the July document said.