Tata Steel, JSW Steel, SAIL accused of price-fixing in India
What's the story
Competition Commission of India (CCI) has accused leading steel manufacturers Tata Steel, JSW Steel, and state-run SAIL of colluding to fix steel prices. The allegations stem from a CCI investigation that began in 2021 after builders claimed nine companies were jointly limiting steel supply and hiking prices. The probe later expanded to include as many as 31 companies and industry groups.
Accountability
CCI holds 56 top executives liable for price collusion
Along with the companies, the CCI has also held 56 top executives accountable for price collusion over different periods between 2015 and 2023. This list includes JSW's billionaire MD Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former SAIL chairpersons. The investigation is one of the biggest cases in the steel sector in India.
Antitrust violations
CCI's findings and potential penalties
The CCI's findings indicate that the conduct of these companies is against Indian antitrust law. The next step in this process involves top CCI officials reviewing these findings and giving companies and executives a chance to raise objections or comments. If found guilty, the steel companies could face fines up to three times their profit or 10% of their turnover for each year of wrongdoing. Individual executives could also be fined.
Evidence gathering
Investigation and evidence collection
The CCI has asked the steel firms to submit their audited financial statements for eight fiscal years ending in 2023. This is a standard procedure by the watchdog to determine possible penalties. An internal CCI document from July 2025 revealed that officials had come across WhatsApp messages between regional industry groups of steel product makers indicating potential wrongdoing.