India's Top Steel Giants Accused of Running Secret Price-Fixing Cartel

India's Top Steel Giants Accused of Running Secret Price-Fixing Cartel India's competition watchdog has accused the nation's leading steel companies of illegally colluding to fix prices, a practice that cheats consumers and undermines fair market competition. The Competition Commission of India (CCI) has named industry titans Tata Steel, JSW Steel, and the state-owned Steel Authority of India Limited (SAIL) in a confidential report detailing the alleged cartel [42829]. The investigation also implicates 25 other companies and holds 56 top executives personally responsible for the antitrust violations [42829]. Notable executives named include JSW's billionaire Managing Director Sajjan Jindal and Tata Steel CEO T.V. Narendran, alongside four former chairpersons of SAIL [42829]. The companies and these individuals now face the risk of substantial financial penalties from the regulator. The CCI's probe alleges the firms worked together to control the prices of key steel products, a major sector crucial for India's construction, manufacturing, and infrastructure projects [42829]. Price-fixing is illegal because it prevents normal market competition, allowing companies to artificially inflate costs for all buyers. The investigation reveals what officials allege is widespread, coordinated action within a foundational industry, casting a shadow over corporate governance in a critical part of the economy [42829]. India's Top Steel Giants Accused of Secret Price-Fixing Cartel