Indian steelmakers Tata Steel JSW Steel Steel Authority of India Limited SAIL and Rashtriya Ispat Nigam Limited RINL face investigation because antitrust authorities discovered evidence of their alleged cartel activities according to a report reviewed by Reuters.

The Competition Commission of India CCI investigation demonstrates that the companies exchanged confidential pricing data with their business rivals while they worked together to limit production capacity between 2018 and 2023.

The report which the regulator prepared in April 2025 remains undisclosed because it demonstrates how the agency examined multiple WhatsApp messages that authorities found during their 2022 industry raids. These included messages from groups reportedly named “Friends of Steel,” “Tycoons,” and “Steel Live Market.” The CCI also analysed pricing movements, sales data and production trends to assess coordinated behaviour.

The report documented sufficient circumstantial proof which showed that SAIL and RINL and JSW Steel and Tata Steel worked together to operate the market throughtheir advance price information exchange.

Previous CCI research established that 28 companies participated in steel price collusion which could lead to major financial penalties. According to BigMint industry consultancy the four investigated companies currently control 44.4 percent of the Indian steel market.

Tata Steel denied any illegal activities after the company responded to the allegations because it establishes prices through its independent market analysis and other necessary factors. JSW Steel SAIL and RINL did not answer Reuters requests for comments.

The investigation represents one of the most important antitrust investigations of India’s steel industry during recent times because its outcomes will determine the entire industry.