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The Competition Commission of India (CCI) has determined that Tata Steel, JSW Steel and SAIL, among a total of 28 companies, violated antitrust regulations by collaborating to manipulate prices and restrict steel supplies across the country between 2015 and 2023. The findings, revealed in a confidential order dated October 6, 2025, place 56 senior executives under scrutiny, including top executives of these major companies, Reuters reported Tuesday. These developments mark the largest-ever antitrust action in India’s steel sector, which is critical to the country’s infrastructure growth.
The CCI order confirmed that it “held that the conduct of the parties was contrary” to Indian antitrust law and that “certain persons were also held liable,” the order said. The investigation involved scrutiny of company communications, with officials examining evidence such as WhatsApp messages indicating coordination between industry groups. The watchdog now requires companies involved to submit eight years of audited financial statements, a standard step in assessing potential sanctions.
Steel companies face penalties of up to three times their profits or 10% of their turnover for each year of violation, according to ICC rules. Individual executives identified in the case may also face fines. JSW Steel’s standalone revenues reached $14.2 billion and Tata Steel’s stood at $14.7 billion for the financial year ending March 2025, highlighting the scale of the businesses involved. Share prices reflected the market reaction, with JSW Steel down 1.33%, SAIL down 3.2% and Tata Steel down 0.7%.
JSW Steel and SAIL have formally denied these allegations in their submissions to the CCI, as confirmed by sources close to the matter. A source noted that JSW provided a detailed response refuting the accusations. The CCI investigation began in 2021 after a group of manufacturers accused nine steelmakers of collectively reducing supply and inflating prices by 55% over a six-month period to March that year. The case eventually grew to include 31 companies and dozens of executives.
Business Today was unable to verify the report at the time of filing this report.
A key part of the CCI’s testimony was the examination of WhatsApp messages. An internal CCI document from July 2025 stated that the messages “indicate that they are involved in price fixing/reducing production,” the July document said. These messages suggest a coordinated effort among regional steelmakers to influence market dynamics. The CCI initiated the case after a complaint from the Coimbatore Corporation Contractors Welfare Association, which represents road and highway builders. A state court ordered the ICC to take “appropriate action” following the complaint by the association, whose members are involved in road and highway construction.
The steel industry is of considerable importance to the Indian economy, with JSW Steel having a market share of 17.5%, Tata Steel 13.3% and SAIL 10%, according to industry consultants. Other companies named in the CCI order include Shyam Steel Industries and Rashtriya Ispat Nigam. The findings will be reviewed by senior ICC officials, and companies and executives will have the opportunity to submit objections before a final order is issued and made public.
