TNI Bureau: The Competition Commission of India (CCI) has found that leading steel producers, including Tata Steel, JSW Steel and Steel Authority of India Ltd (SAIL), violated antitrust laws by colluding to manipulate prices and restrict steel supply between 2015 and 2023.

The order names 28 companies and places 56 senior executives under scrutiny, including top leadership from the major steel firms. The CCI said it found the conduct of the companies to be in violation of Indian competition law and held certain individuals personally liable as well. The case is being described as the most significant antitrust action in India’s steel sector, which plays a key role in infrastructure development.

As part of the proceedings, the CCI has directed the companies to submit audited financial statements for eight years, a standard step used to calculate potential penalties. Under CCI rules, companies may face fines of up to three times their profit or 10% of their annual turnover for each year of violation, while individual executives may also be penalised.

The investigation involved a detailed review of internal communications, including WhatsApp messages, which the watchdog said indicated coordination among steel makers to fix prices and reduce production. An internal CCI document from July 2025 noted that the messages suggested deliberate efforts to influence market supply and pricing.

The probe began in 2021 after a group of builders alleged that nine steel manufacturers had jointly reduced supply and raised prices by 55% over a six-month period ending March that year. The complaint was filed by the Coimbatore Corporation Contractors Welfare Association, which represents road and highway builders. A state court later directed the CCI to take appropriate action, leading to the expansion of the case to 31 companies and several dozen executives.

JSW Steel and SAIL have denied the allegations in their submissions to the CCI, sources familiar with the matter said, adding that JSW provided a detailed response refuting the charges. Tata Steel has not publicly commented on the findings so far.

Market reaction to the news was muted but negative, with JSW Steel shares falling 1.33%, SAIL declining 3.2%, and Tata Steel slipping up to 0.7%. JSW Steel and Tata Steel reported standalone revenues of $14.2 billion and $14.7 billion, respectively, for the financial year ending March 2025.