Caterpillar looks for uptick to generate orders

Jan 30, 2013 | 12:47 PM | Corinna Petry

Tags  Caterpillar, mining sector, equipment orders, China slowdown, fiscal policy, Mike DeWalt, Doug Oberhelman, Corinna Petry

CHICAGO — The long-term outlook for the global mining sector is positive despite a recent downturn in demand, according to heavy equipment manufacturer Caterpillar Inc.

The economic slowdown in China, bracketed by Europe’s ongoing debt crisis and recessionary conditions, means mine operators have eased off ordering new machines, but as soon as global growth moves higher there will be pressure to mine commodities like iron ore, copper and metallurgical coal, executives at the Peoria, Ill.-based manufacturer indicated.

"The key phrase when we talk about the world economy in 2013 is a bit better, but still weak," Mike DeWalt, corporate controller and investor relations director, said during a conference call. ....

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