India’s competition regulator, the Competition Commission of India (CCI), found leading steel producers Tata Steel, JSW Steel, and state-run Steel Authority of India Ltd (SAIL) breached antitrust law. A confidential regulatory order shows these market leaders, along with 25 to 28 other firms, colluded on steel selling prices. The findings put the companies and 56 top executives at risk of substantial fines. The alleged price collusion took place over varying periods between 2015 and 2023. ^{[1][2][3][4][5]}### Probe Uncovers Widespread Price Collusion The CCI’s investigation wing, led by its Director General for Investigation, submitted a report in October 2025 detailing the findings. This report, referenced in a confidential CCI order dated October 6, 2025, has not been made public. It marks a critical stage in one of India's most high-profile antitrust cases involving the steel industry. The probe expanded to include as many as 31 companies and industry groups, along with dozens of executives. Th^{[1][3][4][6][7][8]}e investigation began in 2021 after a group of builders, the Coimbatore Corporation Contractors Welfare Association, filed a criminal case in a Tamil Nadu state court. They alleged that nine steel companies were collectively restricting supply and artificially increasing prices. The builders claimed steel prices rose by 55% over a six-month period to March 2021. The state court then directed the CCI to investigate these allegations of cartelization. Ev^{[1][4][9][5][8][10]}idence reviewed by the CCI reportedly included WhatsApp messages. These messages were exchanged among regional steel industry groups. They allegedly suggested coordinated price-fixing and deliberate production cuts to influence market prices. This type of communication is a key indicator of anti-competitive practices. ## Top Executives Held Liable The CCI order also held 56 top executives personally liable for their roles in the alleged price collusion. Among those named are JSW Steel’s billionaire Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former chairpersons of SAIL. The involvement of such senior figures highlights the seriousness of the allegations. Unde^{[1][3][4][9][5][8][10]}r Indian antitrust law, the CCI is empowered to impose significant penalties. Companies could face fines of up to three times their profit or 10% of their turnover, whichever is higher, for each year of wrongdoing. Individual executives may also face separate fines. Given the large revenues of these major steel producers, potential penalties could amount to billions of dollars. For ^{[1][9][5][7][8][10]}example, JSW Steel reported standalone revenues of $14.2 billion in the last fiscal year to March 2025. Tata Steel’s revenues stood at $14.7 billion during the same period. To calculate potential penalties, the CCI has asked the steel companies to submit their audited financial statements for the eight financial years up to March 2023. ### Co^{[1][6][5][7][8][10]}mpanies Respond, Market Reacts JSW Steel declined to comment on the findings when contacted by Reuters. Tata Steel, SAIL, and the implicated executives did not respond to queries. However, sources familiar with the matter stated that JSW and SAIL have denied the allegations before the CCI during the investigation. JSW reportedly submitted a formal response rejecting the claims. The CCI itself has also not commented publicly, as details of cartel-like activity cases are kept confidential until they conclude. The ne^{[1][3][4][6][9][5][7][8][10]}ws of the probe’s findings had an immediate impact on the stock market. Shares of JSW Steel, SAIL, and Tata Steel all traded lower following reports of the confidential order. JSW Steel shares fell by 1.33%, SAIL shares dropped 3.2%, and Tata Steel shares slipped as much as 0.7%. The broader Nifty Metal Index also turned negative in Mumbai trading. India st^[1][4][8]ands as the world's second-largest producer of crude steel. Demand for steel has been steadily rising due to increased infrastructure spending in the fast-growing economy. JSW Steel holds approximately 17.5% of the Indian market, Tata Steel 13.3%, and SAIL 10%. Together, these three companies control over 40% of the domestic steel market, according to data from commodities consultancy BigMint. ### Next^{[1][6][9][5][10]} Steps in the Regulatory Process The findings by the CCI’s investigation wing represent a crucial step in the antitrust enforcement process. However, this is not the final decision. The findings will now undergo review by top CCI officials. The companies and executives named in the report will also have the opportunity to submit their objections or comments. This proce^{[1][2][3][5][8][10]}ss is expected to take several months, given the large scale and complexity of the investigation involving 31 companies and dozens of individuals. After reviewing all submissions, the CCI quorum, which includes the chairperson and at least two members, will issue its final order. This final order will then be made public. The probe underscores the CCI's continued focus on ensuring fair competition across India's vital industrial sectors. META_TITLE^[1][2][3][8]: India Antitrust Probe Finds Tata Steel, JSW, SAIL Colluded on Prices

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