Vesuvius has released a trading update covering the first four months of H2; key takeaways... Trading in the period: Detail in the release is light, with Vesuvius speaking of a sequential (i.e., first four months of H2 relative to H1) deterioration in demand in its markets. The deterioration in Steel does not come as a surprise given steel production data (Global ex. China steel production c-1% YoY; c-4% QoQ in Q3''24) while within Foundry, Europe continues to surprise negatively, with market demand declining significantly sequentially as well as YoY. Amid weak market demand, Vesuvius continues to point to market share gains in both its Flow Control and Foundry businesses and continued net positive price. Headline profit appears to have come in slightly below prior management expectations driven by market related weakness in the Foundry division despite more support from cost saving measures. Outlook: Vesuvius now guides headline trading profit that is slightly below FY''23 on a constant currency basis where it previously anticipated modest growth. However, it seems that Consensus is already there with-it modelling headline trading profit of GBP188m which we believe reflects -2% constant currency decline. It should be noted that cost savings benefits are now expected to amount to GBP9m where previously Vesuvius expected GBP6m of benefits. Launching second tranche of buyback and a small bolt on: Vesuvius announces a second programme for a further GBP50m to be transacted over the next six months (5% of market cap). Alongside this it announces a small bolt on acquisition, with it acquiring as 61.65% stake in Piromet AS, a Turkish business for EUR26m. The acquisition is argued to strengthen its Advanced Refractory business in the region of EEMEA and will also allow Vesuvius to leverage Piromet''s expertise in robotics and gunning. BNPP Exane View: Vesuvius has cut its guidance but only to a level where Consensus already sits today. Some could argue we still...