India's antitrust watchdog alleges 31 steel firms, including Tata and JSW, colluded on prices and output from 2015 to 2023.

India’s Competition Commission of India has found Tata Steel, JSW Steel, SAIL, and 25 other steel firms likely violated antitrust laws by colluding on prices and production between 2015 and 2023, according to a confidential October 2025 order. The probe, launched in 2021 over allegations of price-fixing and supply restrictions by builders, expanded to include 31 companies and 56 executives, including top leaders. The CCI cited WhatsApp messages and industry group communications as evidence of coordination. While JSW and SAIL deny the claims, the findings are a key step before a final decision, which could impose fines up to three times annual profits or 10% of turnover per year. The companies and executives may submit objections, and the final order is pending.