The Verwey transition in magnetite, Fe3O4, has been studied using temp
erature-dependent high-resolution photoemission spectroscopy. On heati
ng through the transition temperature T-v the band gap is not collapse
d, but is merely reduced by -50 meV, showing that a metal-insulator tr
ansition does not occur. The change in the gap is perfectly consistent
with the two orders of magnitude conductivity jump at T-v. Thus even
above T-v short-range charge ordering rather than site equivalency dom
inates the single-particle excitations and the electrical properties.
We also point out important implications for efforts to model the elec
trical transport above T-v.