Key points
• Tata, JSW, SAIL, RINL implicated
• WhatsApp chats, data underpin investigation
• Production cuts coordinated 2018–2023
NEW DELHI: An Indian antitrust investigation has found evidence suggesting that four of the country’s largest steel producers coordinated prices and production levels over several years, potentially forming the biggest cartel case in India’s steel sector to date.
According to Reuters, an investigation report by the Competition Commission of India (CCI) links Tata Steel, JSW Steel, and state-run firms Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) to alleged collusion between 2018 and 2023.
The report, drafted in April 2025 and reviewed by Reuters, found that the companies shared sensitive pricing information and coordinated production cuts to restrict supply.
WhatsApp chat groups
Investigators analysed dozens of WhatsApp chat groups with names such as “Friends of Steel” and “TMT Tycoons,” alongside production, sales and pricing data. While the report does not cite direct messages from executives of the four firms, it says information shared in the chats closely matched actual price changes and output decisions.
The commission found that at least 28 companies breached competition law, with the four major producers accounting for more than 44 percent of India’s steel market. The report also points to controlled production cuts of 16 to 22 percent in some years.
Tata Steel said it “categorically denies any wrongdoing” and prices independently. JSW, SAIL and RINL did not comment. The CCI could impose hefty fines or overturn findings after review.
