India probe finds Tata Steel, JSW Steel and SAIL breached antitrust law.

India's Competition Commission has found Tata Steel, JSW Steel, SAIL and 25 other firms breached antitrust law and held 56 executives liable, according to a confidential October order; the findings will be reviewed before a final public order is issued.

India's competition regulator has concluded that several major steelmakers, including Tata Steel, JSW Steel and state-run SAIL, along with 25 other firms, breached antitrust law by colluding on steel selling prices, according to a confidential order dated Oct. 6. The order names 56 executives as liable for price collusion over varying periods between 2015 and 2023. The investigation began in 2021 after a builders' group raised concerns in a Tamil Nadu court and was later expanded to include around 31 companies and industry bodies. Some companies have denied the allegations and the regulator has not yet made the order public. Key points: - The CCI's Oct. 6 order found conduct in contravention of Indian antitrust law and held 56 executives liable. - The alleged collusion covered varying periods from 2015 to 2023 and involved about 31 companies and industry groups. - The probe began in 2021 following a complaint from a builders' association brought before a Tamil Nadu state court; details of cartel-related inquiries remain confidential under CCI rules. - The CCI will review the findings, allow companies and executives to submit objections or comments, and then issue a final order that will be released publicly. Summary: The confidential CCI findings put major steel producers and dozens of executives at risk of significant penalties under Indian law, which allows fines up to three times profit or 10% of turnover for each year of wrongdoing. The matter will proceed through internal CCI review and a response period for the parties, with a final public order to follow after that process.