NEW DELHI: Four major Indian steelmakers – Tata Steel, JSW Steel and state-run SAIL and RINL – disclosed their pricing plans to rivals and coordinated production cuts to reduce supplies, an antitrust investigation report seen by Reuters shows.
In the most high-profile antitrust case involving India’s steel sector, an investigation by the Competition Commission of India found 28 firms colluded on steel prices, meaning they could face hefty fines, Reuters reported exclusively on January 6.
Also Read: India probe finds Tata Steel, JSW Steel, SAIL breached antitrust law
The investigation report 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, or SAIL, and Rashtriya Ispat Nigam Limited, or 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.
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 ‘CATEGORICALLY DENIES ANY WRONGDOING’ Tata Steel in a statement to Reuters said it “categorically denies any wrongdoing” and that it determines its prices independently based on prevailing market conditions and other factors.
It added it will submit its detailed responses to the competition commission.
JSW, SAIL and RINL did not respond to requests for comment from Reuters. Their executives denied wrongdoing during the investigation, the report said.
The competition commission, which does not make any cartel case details public in line with its rules, also did not respond.
WHATSAPP CHATS AND STEEL BAR TYCOONS The steel case started in 2021 and the companies were in October asked to submit their financial details – typically asked for penalty calculations – and share any final objections.
Senior officials at the commiss
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