The City was hoping for good news on Corus profits, and what it got was mixed - with just three weeks to go before the deadline for CSN of Brazil’s hoped-for £4.5 billion counter-bid for the steel-maker.
While three successive quarters of profits growth shows Mr Varin’s Restoring Success plan is paying off as we near the three-year mark, bumpy seasonal production still means growth has to be hard-fought.
The lack of firm bid news saw the shares hold steady at 497.75p, suggesting investors still believe that when it arrives, CSN’s 475p bid will not be the last and that Tata Steel will retaliate.
Mr Varin has transformed Corus, most recently using the sale of the downstream aluminium business to cut the debt pile to £881 million, and today upping targeted profits benefits to £635 million.
At this rate, the City might be right and more bids will follow.