Steel Giants Accused of Antitrust Violations: CCI's Confidential Report Exposes Collusion

India's Competition Commission has accused leading steel companies, including Tata Steel and JSW Steel, along with several executives, of colluding to manipulate steel prices. A confidential CCI document reveals antitrust breaches, putting firms at risk of hefty fines. The investigation targets participation from 31 companies and numerous individuals.

The Competition Commission of India (CCI) has uncovered alleged price manipulation activities amongst the nation's top steel firms, including Tata Steel, JSW Steel, and SAIL, as per an unpublished order reviewed by Reuters.

The probe details suggest collusion in steel pricing by 28 companies, implicating 56 top executives, including notable figures such as JSW's Sajjan Jindal and Tata Steel's T.V. Narendran. The document marks this as the industry's most high-profile case in recent history.

While the companies have denied these allegations, the investigation considers evidence like WhatsApp messages and demands potential penalties that could impact a significant chunk of their financial operations.

(With inputs from agencies.)