Caterpillar mows down more jobs

Caterpillar is getting ready to fire more employees, adding to a job-cutting rampage which started late last year.

This week the machinery giant sent letters to white collar workers across the US, advising them that their jobs are under the axe, the Herald-Review reports.

The company wouldn't comment on numbers but said employees in "support and management" would be affected.

Meanwhile, the firm is wringing its hands over a potential $650 million loan from the US Export-Import Bank. Minnesota and Michigan mining interests are lobbying to block the loan, which would help a miner buy CAT machines for an iron ore project in Australia.

Earlier this year the firm recorded a second successive quarterly loss, with a 43.5% drop in earnings.

Creative Commons image by: Dionisius Purba