schminkie

Joy Global at the Heart of the Commodity Machine

the mining and metals industries were caught short when the 'boom' got momentum 'in the day' before the olympics. companies like arcelor-mittal, vale and posco reacted with a buying frenzy for ships, port developments, mines and buying and merging with other companies. in fact, they were still investing heavily while wall street bemoaned economic stagnation and slow downs. now, cut short in the current precipitous and rapid slow downs we see 40% and 50% cuts; closings, layoffs, cancelled or delayed capital investments not to mention defaulted shipping contracts. will they be 'blind-sided' when the still unbuilt infrastructures in asia and the bric countries get back on track? but would they need new equipment from joy and bucyrus? was that investment covered during the 'frenzy'.