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The miner said higher metal prices boosted its earnings, while lower treatment charges and metal premiums weighed on the result.
Caterpillar (NYSE:CAT), the world’s largest heavy equipment manufacturer, has axed over 100 jobs at its underground mining equipment plant in Burnie, Tasmania, reports ABC News.
The move, which follows the CAT’s decision to lay off about 40 labour hire workers days before Christmas, will reduce the workforce to about 500 employees.
According to the report the affected workers include boilermakers, welders and other metal workers.
The company’s managing director, Dan Barich, attributed the cuts to a global collapse in the manufacturing sector.
“Being part of a shrinking business or economy is not any fun (…) These are hard things to do that we do primarily to make sure that we remain competitive, that we can keep our costs down and make sure we are providing the best quality equipment,” he was quoted as saying.
Last Thursday, Caterpillar posted a 55% drop in quarterly earnings today as a result of alleged accounting fraud at one of the company’s Chinese subsidiaries and weak demand from its global dealers.
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