New Delhi: The Competition Commission of India (CCI), in a leaked report, has shown how four leading steel companies, Tata Steel, JSW Steel, SAIL and RINL, have colluded to control prices and supply in the domestic steel markets between 2018 and 2023.
In the report seen by Reuters, has reviewed dozens of WhatsApp groups, named “Steel Live Market” , “Friends of Steel” and “Tycoons” that have been used to share sales and production patterns, price changes and other changes with representatives from these companies.
The case opened in 2021, with the companies being asked to submit their financial details and share their final objections by October that year. Currently, senior officials at the CCI are reviewing the report and its findings, and further developments could depend on official announcements or case hearings.
According to BigMint Consultancy, these four companies account for almost 44.4% of India’s steel market. The investigation is part of one of the most significant antitrust cases in India’s steel industryin recent years, which could mean fines of up to three times their gross profits or 10% of their turnover if found guilty.
The CCI has yet to file its final report, even as these leaked reports remain accusations for the time being. JSW Steel, SAIL and RINL haven’t offered responses to the allegations, while Tata Steel has publicly denied any wrongdoing.
