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Cuts at Caterpillar, Joy Global highlight woes in mining industry, FT reports

Caterpillar (CAT), which makes earthmoving equipment, recently announced plans to cut about 2,000 jobs, while rival Joy Global (JOY) reported a drop of about 30% in orders in the quarter ended January 25, signalling that weakness in the global mining industry and low commodity prices are hurting heavy industry, the Financial Times reports. The slowdown in demand for mined commodities in China and boom in natural gas has hit producers and, in turn, those companies that supply the equipment.