CCI probe finds Tata Steel, JSW Steel, SAIL colluded on steel prices: Reuters report

India’s competition watchdog has found that Tata Steel, JSW Steel, state-run Steel Authority of India Ltd (SAIL) and 25 other firms breached antitrust law by colluding on steel selling prices, a Reuters exclusive reported on Tuesday.

The Competition Commission of India (CCI) has also held 56 senior executives liable for price collusion over different periods between 2015 and 2023, including JSW Steel Managing Director Sajjan Jindal, Tata Steel Chief Executive Officer T.V. Narendran and four former

SAIL chairpersons, according to a CCI order dated October 6 that has not been made public.

JSW declined to comment, while Tata Steel, SAIL and the executives did not respond to Reuters’ queries. The CCI also did not respond to requests for comment.

The investigation, one of the most high-profile probes involving India’s steel sector, began in 2021 after a builders’ association alleged in a case filed before a Tamil Nadu state court that steel companies were collectively restricting supply and increasing prices. Reuters had reported in 2022 that the watchdog raided some steel companies as part of its probe.

The investigation was later expanded to cover up to 31 companies and industry bodies, as well as dozens of executives. Under CCI rules, details of cartel-related cases are not made public before proceedings conclude.

The October order stated that the watchdog had “found the conduct of the parties to be in contravention” of Indian antitrust law and that “certain individuals have also been held liable”. The findings will be reviewed by senior CCI officials, after which companies and executives will be given an opportunity to submit objections before a final order is issued, Reuters report added.

India is the world’s second-largest producer of crude steel. The CCI is empowered to impose penalties of up to three times a company’s profit or 10% of turnover, whichever is higher, for each year of wrongdoing. Individual executives can also be fined.

Shares of JSW Steel, SAIL and Tata Steel fell on Tuesday following the report, while the Nifty Metal index also turned negative.

While the October order did not detail the evidence examined, Reuters reported that an internal CCI document from July 2025 said officials had uncovered WhatsApp messages exchanged among regional industry groups that suggested price fixing and production curbs.