Been a long time holder of this, unfortunately I'm not sure if anything will get better for us. While coal is slowing down and some might say it is picking up for China & India, the one thing we didn't anticipate was new equipment builders. Mainly, China's ability to build mining equipment, do it cheaper and in some cases, build it better. I can't say one way or the other how it will impact Joy, but appreciate anyone else's feedback
agree. if there is anything positive, it is that earnings will be flat for awhile. nothing to write home about here. I feel there is more of a chance for new low versus a return to the day of the $60's anytime soon.
China's ability to build mining equipment has been know for many years. There are literally hundreds of mining equipment manufactureres in China. Underground mining equipment in China is a tiered market. Most of these suppliers are manufacturing the lower tier products which Joy has never made or competed against. Joy competes in Tier 1 product market. The largest Tier 1 suppiler in China is IMM which Joy is a major owner. Joy has also recently opened a new factory in Tianjin to manufacture "Joy" quality equipment for the China market. I read the article on China equipment manufactures and was surprised with the reference to rail cars. Neither Joy or Cat manufacture rail cars. I don't understand the relavance.