The Competition Commission of India concluded in a confidential order that Tata Steel, JSW Steel, and SAIL breached antitrust laws through coordinated pricing from 2015 to 2023. The October 6, 2025, order implicates 28 companies and 56 executives in India steel antitrust practices.
This development raises concerns about fair competition in India’s vital steel sector, which is key to infrastructure and manufacturing growth in South Asia.
Details of India Steel Antitrust Findings
The CCI reviewed a confidential document dated October 6, 2025. It found that market leaders Tata Steel, JSW Steel, and state-run Steel Authority of India Limited had breached antitrust laws.
Evidence includes WhatsApp communications showing discussions on steel prices. The probe expanded from initial complaints by builders alleging supply restrictions and hikes.
Twenty-five other firms joined the list. The CCI held 56 executives personally liable over varying periods of time. Named individuals include JSW Steel Managing Director Sajjan Jindal and Tata Steel Chief Executive T.V. Narendran. Four former SAIL chairpersons also face accountability.
The order requires companies to submit audited financial statements for eight years ending in 2023. This step aids penalty calculations. Under Indian law, fines can reach up to three times the profit or 10 percent of the turnover per violation per year, whichever is higher. Executives face individual penalties.
JSW Steel declined to comment. Tata Steel and SAIL did not respond to queries. Involved executives remained silent. Market shares indicate that JSW Steel holds 17.5 percent, Tata Steel 13.3 percent, and SAIL 10 percent. Data comes from commodities consultancy BigMint.
Standalone revenues for the fiscal year to March 2025 reached USD 14.2 billion for JSW Steel and USD 14.7 billion for Tata Steel. The CCI process allows companies to file objections. A final public order follows responses.
Tata Steel Breach and Executive Liability
Tata Steel breach centres on alleged coordination affecting selling prices. The company has significant exposure to flat steel. CEO T.V. Narendran faces personal liability. Evidence ties him to periods of collusion.
Tata Steel maintains operations as India’s second-largest private producer. It focuses on infrastructure demand. Past revenues highlight a scale vulnerable to penalties. The breach finding is based on digital evidence and market data.
JSW Steel Probe Outcomes
JSW Steel probe reveals similar patterns. Managing Director Sajjan Jindal appears on the list of liabilities. The firm leads the domestic market share. It expanded capacity amid rising demand.
JSW Steel previously denied allegations during the investigation. Sources confirm this stance to CCI. Evidence includes communications on price alignment. The probe spans 2015-2023, covering varying timelines.
SAIL Antitrust Implications
SAIL antitrust issues involve a state-run entity. Four former chairpersons bear responsibility. As a public sector undertaking, SAIL supplies key sectors of the economy. It holds 10 percent of the market.
Findings note coordination despite public ownership. Liability extends to past leadership. SAIL sources also denied claims internally. The order distinguishes periods per executive.
Background: Origins of the Probe
The Indian antitrust investigation into steel started in 2021. Builders filed complaints alleging that nine firms restricted supply.
It expanded to 31 entities, including industry groups and associations. Raids and data collection followed.
Steel demand surged in response to the infrastructure push. India ranks second globally in crude production.
Price volatility affected construction and autos. Allegations tied hikes to collusion.
Previous probes in 2016 and earlier found no evidence of a cartel. This case relies on newer evidence, such as chats.
CCI rules keep cartel details confidential until the final decision is made. The October order remains internal pending objections.
What’s Next in the India Steel Antitrust Case
Companies prepare responses to findings. Objections may challenge evidence or liability.
CCI reviews submissions before final order. Public release follows the conclusion.
Penalties, if imposed, can have a significant impact on finances. Appeals are possible to tribunals.
Market watches executive accountability precedent. Sector consolidation continues amid scrutiny.
Resolution shapes competition enforcement in heavy industries.
The Indian steel antitrust outcome will have a lasting impact on pricing transparency and consumer costs.
Published in SouthAsianDesk, January 6th, 2026
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