Comprehensive  Ghana Oil and Gas news, information, updates, analysis

News in Brief

Mining slump forces CAT sales dip by $20bn

  • SOURCE: | qwesa2big
  • 1.8814657With sales and operations at the ends of the earth, few companies are in a better position to take the pulse of the global economy and the resource sector in particular than Caterpillar.

    The world’s number one heavy equipment manufacturer has been hit hard by the decline in mining and construction – sales are down more than $20 billion from its peak just four years ago after a drop of over $8 billion last year.

    And things are only getting worse in 2016. Much worse.

    After a flicker of hope in January when the rate of decline seemed to slow at least in some regions, Caterpillar’s latest sales figures released show a renewed slump in the sector.

    Sales to the mining industry make up 19% of total sales for the Peoria, Illinois-based giant (quarrying and aggregates account for another 10%) and worldwide sales to the sector dropped 42% in February on a rolling 3-month average basis.

    Overall sales have been falling for 39 months straight. Earlier this week Caterpillar warned of a 40% fall in revenues for the first quarter, again led by lower sales into the resources industry.
    With the release of its full-year earning in January, Chairman and CEO Doug Oberhelman, said the company has not seen any signs of improvement and was reluctant to predict a bottom for the industry


    Leave a reply

    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes ( with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Twitter Activity Stream

    Partners We are proud to be associated with:

    Skip to toolbar