The Competition Commission of India (CCI) has found that top steel companies, including Tata Steel, JSW Steel and state-owned SAIL, violated antitrust laws by coordinating the prices of steel. The violations took place over several years and could lead to substantial fines, a Reuters report says.
The CCI said it found evidence of price collusion among 28 steel companies and held 56 senior executives responsible. Those named in a CCI order dated 6 October 2025 include Tata Steel’s chief executive TV Narendran, JSW Steel’s chairman Sajjan Jindal and four former SAIL chairpersons.
The CCI began investigating the steel sector in 2021 after complaints that firms were restricting supply and artificially raising prices. The probe grew to include major producers and dozens of executives.
In its order, the CCI said the companies’ conduct breached India’s competition law. The findings are a crucial step in the case, but not final. The CCI will review the companies’ objections and responses over the coming months before issuing a public final order.
If the violations are confirmed, the CCI can impose fines of up to three times a company’s profit or 10 percent of its annual turnover for each year of wrongdoing. Individuals found responsible could also face personal penalties.
India is the world’s second-largest producer of crude steel, with Tata Steel, JSW Steel and SAIL together accounting for a significant share of the domestic market.
The competition watchdog has asked the steelmakers to submit audited financial statements for eight financial years up to 2023 as part of its assessment of possible penalties.
