The competition commission of India (CCI) has found that market leaders Tata Steel, JSW Steel and State-run Steel Authority of India Ltd (SAIL), along with 25 other companies, breached antitrust law by colluding on steel selling prices, putting the firms and several senior executives at risk of substantial penalties, according to a confidential
order reviewed by Reuters.
CCI has also held 56 top executives liable for price collusion over different periods between 2015 and 2023, including JSW Steel’s billionaire managing director (MD) Sajjan Jindal, Tata Steel's chief executive officer (CEO) TV Narendran and four former chairpersons of SAIL, says
a Reuters report citing the CCI order dated 6 October 2025. The order has not been made public and is being reported for the first time.
JSW Steel declined to comment, while Tata Steel, SAIL and the executives named in the order did not respond to Reuters’ queries. The CCI also did not respond to requests for comment.
According to Reuters, the case is the most high-profile antitrust investigation involving India’s steel industry. It began in 2021 after a group of builders alleged in a criminal complaint before a state court that nine steel companies were collectively restricting supply and raising prices. The watchdog had carried out raids on some smaller steel companies in 2022 as part of the probe.
The investigation was later expanded to cover as many as 31 companies and industry associations, as well as dozens of executives, the October order reviewed by Reuters shows. Under CCI rules, details of alleged cartel activity are not disclosed publicly until proceedings are concluded.
“The investigation has found the conduct of the parties to be in contravention” of Indian competition law and “certain individuals have also been held liable”, the order states, according to Reuters. Such findings mark a critical stage in antitrust cases, though they are not final.
The matter will now be reviewed by senior CCI officials, while companies and executives will be given the opportunity to submit objections and comments — a process expected to take several months given the scale of the investigation. CCI will then issue a final order, which will be made public.
India is the world’s second-largest producer of crude steel, with demand rising sharply alongside increased infrastructure spending. JSW Steel accounts for about 17.5% of the domestic market, Tata Steel about 13.3% and SAIL about 10%, according to data from commodities consultancy BigMint cited by Reuters.
In the last financial year ended March 2025, JSW Steel reported standalone revenues of US$14.2bn (billion), while Tata Steel posted US$14.7bn. Under Indian law, CCI can impose penalties of up to three times a company’s profit or 10% of its turnover, whichever is higher, for each year of proven wrongdoing. Individual executives can also face fines.
JSW Steel and SAIL have denied the allegations before the regulator, two people familiar with the confidential proceedings told Reuters. One of them said JSW had already submitted its response to the CCI disputing the findings.
CCI took up the case after the Coimbatore Corporation Contractors Welfare Association alleged in 2021 that steel companies had raised prices by 55% over a six-month period and were artificially inflating prices by restricting supply to builders and consumers. After prosecutors said the issue fell under competition law, a Tamil Nadu court directed CCI to take 'appropriate action', Reuters reported.
Besides Tata Steel, JSW Steel and SAIL, other companies named in the confidential document include Shyam Steel Industries and State-run Rashtriya Ispat Nigam, along with several smaller firms. Shyam Steel and Rashtriya Ispat Nigam did not respond to Reuters’ queries.
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