India’s competition watchdog, the Competition Commission of India (CCI), has, prima facie, found leading steel producers like Tata Steel Limited, JSW Steel Limited, Steel Authority of India Limited (SAIL) and 25 other companies in breach of anti-trust laws and that they colluded in fixing prices, according to CCI documents on Tuesday, January 6.
CCI has also held 56 executives across steel companies liable for price collusion in various periods between 2015 and 2023 according to an order cited across media reports.
The CCI investigation 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.
The probe was later expanded to as many as 31 companies and industry groups, as well as dozens of executives. CCI does not disclose details of cases until investigations are fully completed and the final verdict is delivered.
The CCI investigation has “found the conduct of the parties to be in contravention” of Indian anti-trust law and “certain individuals have also been held liable”, media reports said quoting part of the order.
Going forward, the case will again be reviewed by senior officials of CCI and companies and executives will also have the opportunity to submit any objections or comments in a process that is likely to take several months given the scale of the investigation.
