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India's Steel Giants Accused of Price Fixing Collusion
6 Jan
Summary
- Competition watchdog found 28 firms and 56 executives liable for antitrust violations.
- Investigation began in 2021 following allegations of restricting supply and increasing prices.
- Penalties can reach up to three times profit or 10% of turnover annually.
India's competition watchdog has determined that 28 steel companies and 56 senior executives violated antitrust laws through price collusion. This significant investigation, launched in 2021, revealed alleged actions of restricting steel supply and manipulating prices between 2015 and 2023.
The Competition Commission of India's findings, detailed in an order from October 6, 2026, point to a contravention of Indian antitrust law. A review by senior officials will precede any final order, allowing companies and individuals to submit objections.
As the world's second-largest steel producer, India faces potential substantial penalties for such violations. Companies could be fined up to triple their profits or 10% of turnover annually, with individual executives also facing financial penalties.
