The Competition Commission of India (CCI) has ruled that 28 steel producers, including Tata Steel, JSW Steel, and the state-owned Steel Authority of India (SAIL), violated antitrust regulations between 2015 and 2023 by allegedly coordinating sales prices and supply practices. The CCI also found 56 senior executives personally liable, and the companies and individuals involved may face hefty fines.

This case, considered the most high-profile antitrust case in the history of the Indian steel industry, stemmed from a complaint filed by construction companies in 2021, accusing steel mills of colluding to limit supply and drive up prices. The investigation subsequently expanded to include several large steel mills, industry organizations, and dozens of senior executives, with regulators conducting surprise inspections of some companies in 2022.

Under Indian competition law, companies that violate regulations can be fined up to 10% of their average turnover, and the senior executives involved may also face individual disciplinary action. 

Market analysts point out that this ruling has made the steel market more conservative, putting pressure on short-term price trends.