Italian prosecutors expand fraud probe into former Ilva CEO Lucia Morselli over alleged asset transfers to ArcelorMittal
Executive summary: Prosecutors in Milan have acquired new documents in an investigation that accuses former Ilva administrator Lucia Morselli of fraudulent bankruptcy by transferring assets to ArcelorMittal. The probe adds legal risk to Italy’s stalled steel asset sale and could affect ArcelorMittal’s exposure to Italian liability claims.
Who is involved: Lucia Morselli (former Ilva CEO), Milan prosecutors, ArcelorMittal, and Italy’s special administration for Ilva.
Likely next: Judicial review of the newly acquired acts, with possible formal charges or a request for precautionary measures in the coming weeks.
Milan prosecutors have broadened their investigation into Lucia Morselli, the former chief executive of Ilva, examining whether she facilitated the transfer of company assets to ArcelorMittal in a manner that could constitute fraudulent bankruptcy. The probe builds on a prior claim by the special administration that is seeking approximately €7 billion in damages from ArcelorMittal, alleging that the steelmaker benefited from illicit asset movements during Ilva’s insolvency proceedings. If the evidence substantiates the allegations, Morselli could face criminal charges, and the case may add a layer of legal uncertainty to the ongoing efforts to sell or restructure the steel plant’s operations. The timing of the expanded inquiry coincides with a competitive bidding process for Ilva’s assets, in which parties such as CE Industries, a Czech consortium, the Eusider alliance, and various Italian industrial groups have expressed interest. Any criminal findings or sanctions arising from the investigation could deter potential investors, complicate negotiations, and possibly delay the finalization of a rescue plan. Market participants will be watching closely to see whether the judicial process influences the valuation of the assets or prompts a reassessment of the timeline for completing the sale, while the special administration continues to pursue its damage claim against ArcelorMittal.
Timeline
- — Ex Ilva, inchiesta su Morselli nuove acquisizioni di atti (la Repubblica — Economia)
- — Ex Ilva, l’ex ad Lucia Morselli indagata di bancarotta fraudolenta (la Repubblica — Economia)
- — Ex Ilva, scende in gara per il salvataggio anche il gruppo CE Industries (Il Sole 24 Ore — Economia)
Analysis — what this means
Sectors affected
- Italian steel industry
- steel manufacturing
Regulatory implications
- Application of Italian bankruptcy law on fraudulent bankruptcy (article 216)
- Potential review under EU state aid rules for ArcelorMittal’s asset acquisition
Historical parallels
- August 27 2026 prior indictment of Lucia Morselli for fraudulent bankruptcy (same case)
- August 2026 expression of interest by CE Industries for Ilva’s cold‑area assets
Key entities
Sources
Open the full interactive case file on Beyond →