A total of 28 steel companies are facing serious allegations of violating India’s competition law. The Competition Commission of India (CCI) has found preliminary evidence suggesting collusion on steel selling prices between 2015 and 2023. A confidential report, obtained by a news agency, reveals explosive claims and even lists 56 top executives involved in the matter. Though the CCI issued the document on October 6, 2025, it only recently came to public attention.
Also Read | India’s car sales jump 7.7% in 2025, small cars and bikes lead the surge
This investigation is being regarded as one of the most high-profile breaches of trust in India’s steel industry. The probe began after the Coimbatore Corporation Contractors Welfare Association filed a complaint in a Tamil Nadu court in 2021. The complaint alleged that multiple steel companies had deliberately reduced the supply of essential steel to increase prices. When government counsel highlighted that the matter fell under competition law, the court directed the CCI to take appropriate action.
Initially, the investigation focused on fewer companies, but its scope later expanded to include 31 organisations, several industry associations, and multiple top executives, all added to the list of accused. The CCI’s October directive states that the conduct of all parties is contrary to competition law, and several individuals have been held responsible. The directive does not provide detailed evidence, but a July 2025 internal document mentions WhatsApp messages among regional steel group members discussing price fixing and production reduction.
Also Read | Sensex slips 376 points, Nifty ends below 26,200 amid global uncertainty
While evidence has been gathered, no final decision will be made immediately. Top CCI officials will review the findings and provide the organisations and executives an opportunity to present their statements. This process may take several months, after which the CCI will issue a final directive, which will be made public. If the allegations are proven, companies could face fines of up to three times their annual profit for each year of misconduct, or up to 10 per cent of their total turnover. Additionally, top executives could face separate monetary penalties.
India is currently the world’s second-largest crude steel producer, and spending on infrastructure is increasing to support the steel industry’s growth. In this context, market experts note that accusations against leading steel companies for violating competition law are particularly concerning.
