India's competition commission, the Competition Commission of India (CCI), has prima facie found that leading steel producers such as Tata Steel limited, JSW Steel limited, Steel Authority of India limited (SAIL) and 25 other companies have violated antitrust laws and conspired to fix prices, according to CCI filings on Tuesday, January 6.
CCI also prosecuted 56 executives steel companies. for price fixing at various points between 2015 and 2023, according to an order cited in media reports.
The CCI investigation began in 2021 after a group of construction workers, in a criminal case brought to state court, alleged that nine companies had collectively restricted steel supplies and raised prices.
The investigation was later expanded to 31 companies and industry groups, as well as dozens of executives. The CCI is not disclosing the details of the cases until the investigation is fully completed and a final verdict is given.
The CCI investigation “found that the conduct of the parties was contrary” to Indian anti-trust laws and “certain persons have also been held accountable,” media reports said, citing part of the order.
The case will then be reviewed again by senior CCI officials and also by companies and managers. will also have the opportunity to file any objections or comments in a process that is likely to take several months given the scope of the investigation.
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