CCI Alleges Steel Price-Fixing by Tata, JSW, SAIL and 25 Other Companies

New Delhi: India’s Competition Commission (CCI) has accused Tata Steel, JSW Steel, state-run Steel Authority of India Limited (SAIL), and 25 other companies of colluding to fix steel prices, violating competition law. The revelation, reported by Reuters citing a confidential document, could lead to hefty fines for the companies and their top executives.

Executives Implicated
According to the report, 56 senior officials—including JSW billionaire MD Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former presidents of SAIL—were found responsible for manipulating steel prices at different times between 2015 and 2023. The findings are part of a CCI order dated 6 October, which had not been made public until now. JSW Steel declined to comment, while Tata Steel, SAIL, and the executives did not respond to Reuters’ queries. CCI also issued no comment on the matter.

Background of Investigation
The probe began in 2021 when certain builders filed criminal complaints alleging that nine companies had colluded to restrict steel supply and artificially inflate prices. During the investigation, CCI raided smaller steel companies and expanded the probe to 31 companies and industry groups, including dozens of executives. Under Indian competition law, details of cartel investigations remain confidential until the case is finalized.

Next Steps
The CCI’s preliminary order found that the companies’ conduct violated competition laws and held several individuals accountable. The findings will be reviewed by senior CCI officials, and the companies and executives will have an opportunity to present objections or comments. Given the scale of the investigation, the final order may take several months to be issued publicly.

Steel Market Context
India is the world’s second-largest crude steel producer. Rising infrastructure spending has driven growing steel demand. According to commodity consultancy Bigmint, JSW Steel holds a 17.5% share of the Indian market, Tata Steel 13.3%, and SAIL 10%. In FY2024-25, JSW Steel reported standalone revenues of $14.2 billion, while Tata Steel’s revenue stood at $14.7 billion.

Under CCI rules, companies found guilty of anti-competitive conduct can face fines up to three times the profits earned from such practices or 10% of turnover, whichever is higher. Individual executives may also be penalized. Sources familiar with the matter said JSW Steel and SAIL have denied the allegations before the CCI.