CCI probes links Tata, JSW to steel cartel via WhatsApp chats, production data: Report
Four major Indian steelmakers – Tata Steel, JSW Steel and state-run SAIL and RINL – announced pricing plans to rivals and coordinated production cuts to reduce supplies, according to an antitrust investigation report seen by Reuters.
In the most high-profile antitrust case involving India’s steel industry, an investigation by the Competition Commission of India found 28 firms colluded on steel prices, meaning they could face hefty fines, Reuters exclusively reported on January 6.
The unpublicized investigation report into four major companies shows that the commission examined dozens of WhatsApp chats seized in 2022 industry raids, including groups called “Friends of Steel”, “Tycoons” and “Steel Live Market”. Analyzed pricing changes, sales and production models.
The report states that Tata Steel, JSW Steel and state-run Steel Authority of India Limited or SAIL and Rashtriya Ispat Nigam Limited or RINL colluded during 2018-2023.
“There is sufficient circumstantial evidence of the joint efforts of SAIL, RINL, JSW and Tata Steel,” the commission report prepared in April 2025 said.
It was stated that the four companies “influenced the market with sensitive price information in advance”.
Consultancy BigMint estimates that companies account for 44.4% of the Indian steel market.
TATA STEEL ‘CATEGORICALLY DENIES ANY WRONG’
Tata Steel said in a statement to Reuters that it “categorically denies any wrongdoing” and sets its prices independently based on current market conditions and other factors.
He added that he would submit detailed answers to the competition commission.
JSW, SAIL and RINL did not respond to Reuters requests for comment. Its managers denied any wrongdoing during the investigation, the report said.
The competition commission, which does not disclose the details of the cartel case to the public in accordance with its rules, did not respond either.
WHATSAPP CHATS AND STEEL BAR TYPES
The steel trial began in 2021, and in October companies were asked to submit financial details (typically asked to calculate penalties) and share final objections.
Senior officials at the commission are reviewing the findings. They have the power to impose fines or overturn investigation findings.
In the 2022 operation, Tata, JSW, SAIL and RINL were not raided, but many small companies and industrial groups were raided.
India’s competition commission has collected chats from phones of executives of other companies referencing pricing plans of JSW, Tata, SAIL and RINL.
The report does not mention any messages written by executives of the four companies, but said researchers linked information in the chats to the company’s actual price changes and found that they were in sync.
In 2022, a message was published in the group called “TMT TYCOONS” – TMT refers to steel bars used in construction. The statement said: “TODAY SAIL has increased the price of HRC/flat products to Rs. 1000pmt. According to close sources, all major producers are likely to increase their prices.”
Another message from 2020 reads: “All major manufacturers like jsw, tata… and sail are planning to increase TMT price by 1500 to 2000 pmt from 1 November.”
PRESENTATIONS AND ‘NET SUPPORT’
India is the world’s second largest producer of crude steel, and demand for the alloy has increased as infrastructure spending has increased in the rapidly growing major economy.
The competition commission has held JSW’s billionaire Managing Director Sajjan Jindal, Tata Steel CEO TV Narendran, four former SAIL chairmen and three former RINL chairmen responsible for price collusion, Reuters reported earlier this month.
The report showed that some of RINL’s internal government presentations pointed to allegations of collusion by the four players.
RINL’s submission to a government committee showed that for every month from 2018-19 to 2022-23, it “presented market prices of TMT bars of SAIL, TATA and JSW to arrive at the selling price of TMT bars as per RINL”.
Moreover, the commission report found that there was a “controlled reduction in production of Tata, JSW, SAIL and RINL by 16% to 22%” in 2020-21 at least.
A specific RINL presentation to a government committee in 2020 showed that it noted internally that there were “production cuts by manufacturers.”
“These facts are equivalent to a clear confirmation/acceptance of the production cut claims of the mentioned major steel producers,” the report said.
