NEW DELHI: India’s largest steel companies—Tata Steel, JSW Steel and state-run SAIL and Rashtriya Ispat Nigam Limited (RINL)—disclosed their pricing plans to rivals and coordinated production cuts to reduce supplies, according to a confidential antitrust investigation report seen by Reuters.
It was earlier reported that CCI found 28 firms colluded on steel prices, meaning they could face hefty fines.
The investigation report by the Competition Commission of India into the four major companies that has not been made public, shows the commission reviewed dozens of WhatsApp chats, including from groups named “Friends of Steel”, “Tycoons” and “Steel Live Market” that were seized during 2022 industry raids. It analysed pricing changes, sales and production patterns.
Tata Steel, JSW Steel and state-run Steel Authority of India Limited (SAIL), and RINL colluded during 2018-2023, the report says.
“There is enough circumstantial evidence ... of concerted efforts by SAIL, RINL, JSW and Tata Steel,” the commission report, drafted in April 2025, said, as per Reuters. The four companies “were influencing the market with the sensitive price information in advance,” it said. Consultancy BigMint estimates the companies account for 44.4% of India’s steel market.
Tata Steel said it “denies any wrongdoing”, and that it determines its prices independently based on market conditions and other factors. while JSW, SAIL and RINL did not respond to queries from Reuters.