Steel Giants Under CCI Scanner: Price Collusion Probe Rocks Industry

• CCI probe finds 28 major steelmakers, including Tata Steel and JSW Steel, breached antitrust rules by colluding on pricing between 2015-2023.
• 56 top executives, including JSW's Sajjan Jindal and Tata Steel's T.V. Narendran, held liable for price collusion.
• The investigation, initiated in February 2021, followed complaints from Union Minister Nitin Gadkari and real estate developers over spiralling steel costs.
• Steel prices surged post-pandemic due to demand recovery and supply constraints, leading to allegations of artificial hikes impacting construction costs.
• CCI may impose penalties similar to the Rs 6,300 crore fine on cement companies in 2016, and restrict sensitive data sharing.

Why It Matters: India's top steelmakers face severe penalties as CCI's antitrust probe confirms widespread price collusion.