CCI Finds Tata Steel, JSW Steel, and SAIL Violated Antitrust Laws in Major Price-Fixing Probe

India’s competition watchdog has found major steel producers, including Tata Steel, JSW Steel and state‑run SAIL, along with several other companies, in breach of antitrust law for colluding on steel selling prices over an extended period.

Alleged Cartel Activity and Price Fixing

The CCI’s investigation, one of the most high‑profile probes into the steel sector, began in 2021 after a builders’ association filed a complaint alleging that steelmakers were restricting supply and artificially driving up prices. The confidential order, dated October 6, 2025, concluded that the conduct of the companies was in violation of India’s antitrust laws. 

According to the regulatory document, 28 steel firms and 56 senior executives were held liable for collusion on prices at various times between 2015 and 2023. Among those named were JSW’s managing director Sajjan Jindal, Tata Steel CEO T.V. Narendran, and several former chairpersons of SAIL. 

Evidence and Investigation Details

The CCI probe expanded from an initial focus on nine companies to include 31 firms and industry groups, reflecting the complexity and scale of the alleged cartel activity. Internal documents indicate that investigators reviewed WhatsApp messages exchanged among steel industry groups, which suggested coordination on price fixing and production cuts. 

The watchdog has also asked the implicated companies to submit audited financial statements for eight financial years up to 2023, a move typically used to calculate potential penalties.

Potential Penalties and Process Ahead

Under Indian competition law, the CCI has the authority to impose substantial fines — up to three times the company’s profit or 10% of turnover for each year of wrongdoing, whichever is higher. Individual executives named in the order could also face fines. 

However, the current findings are not final. The confidential order will now be reviewed by senior CCI officials. Companies and executives will be given an opportunity to submit objections before a final order is issued, a process that is expected to take several months due to the case’s scale. Only then will details be made public.

 Impact and Context

India is the world’s second‑largest producer of crude steel, with rapid infrastructure and construction growth driving strong demand. According to market data, JSW Steel holds around 17.5% of the domestic market, Tata Steel 13.3%, and SAIL about 10%.

Shares of the companies named in the order saw negative pressure in trading, with SAIL and JSW Steel both declining and Tata Steel turning lower in midday stock market action. 

Industry Response

So far, JSW Steel and SAIL have denied the allegations before the watchdog and submitted responses to the CCI. Tata Steel and the executives named did not respond to requests for comment, and the CCI has not publicly commented as the case remains confidential.

This probe strikes at the heart of how India’s steel industry operates and has significant implications for competition policy and prices for a key industrial commodity. If the CCI’s findings are upheld, it could lead to some of the largest penalties in Indian corporate history and reshape compliance standards across the manufacturing sector