CCI finds JSW, Tata Steel, SAIL guilty of collusion

Probe also holds top execs liable; steel giants may face steep fines

- ADITYA KALRA & NEHA ARORA

THE COMPETITION COMMISSION of India (CCI) has found that steel majors Tata Steel, JSW Steel, state-run SAIL and 25 other firms breached antitrust law by colluding on steel selling prices, a confidential document shows, putting the companies and their executives at risk of hefty fines.

The watchdog has also held 56 top executives, including JSW Managing Director Sajjan Jindal, Tata Steel CEO TV Narendran and four former SAIL chairpersons, liable for price collusion over varying periods of time between 2015 and 2023, according to a CCI order dated October 6, which has not been made public.

JSW declined to comment, while Tata Steel, SAIL and the executives did not respond to Reuters queries. The CCI also did not respond to requests for comment.

The CCI investigation—the most high-profile case involving the steel industry—started in 2021 after a group of builders alleged in a criminal case brought to a state court that nine companies were collectively restricting the supply of steel and increasing prices. Reuters reported in 2022 that the watchdog raided some small steel companies as part of an investigation into the industry.