Global construction-equipment maker Caterpillar (www.cat.com) has forecast that its revenues this year will be $36-39 billion.

It said that the availability of used construction equipment will affect sales, and it expects capital spending by mining companies to be flat.

On 26 January, the company reported 2016 revenues of $38.5 billion, down from $47 billion a year earlier.

Caterpillar CEO Jim Umpleby said: “We are focused on improving operating margins, profitability and shareholder returns. While we see signs of positive activity in some of our key end markets, the overall economic environment remains challenging.”