India’s antitrust regulator, the Competition Commission of India (CCI), has found prima facie evidence of alleged price manipulation among leading steel producers, including Tata Steel, JSW Steel, and Steel Authority of India Limited, according to an unpublished order cited by Reuters.
The probe alleges collusion involving 28 steel companies and 56 senior executives, making it one of the most high-profile antitrust cases in India’s steel industry. The investigation reportedly references evidence such as WhatsApp messages and could result in substantial financial penalties if the allegations are upheld. The companies have denied any wrongdoing.
The CCI investigation began in 2021 after a group of builders accused nine steelmakers, in a criminal complaint filed with a state court, of collectively restricting supply and inflating prices. Other firms named in the findings include Shyam Steel Industries and state-run Rashtriya Ispat Nigam, alongside several smaller producers.
The findings now move to a critical review stage, during which senior CCI officials will assess the case. The companies and executives involved will be allowed to submit objections and responses, a process expected to take several months given the scale of the investigation. The CCI will then issue a final order, which will be made public.
