Mining Weekly quoted Mr Jim Owens chairperson & CEO of Caterpillar as saying that the financial stimulus Bill, which was approved by the US Congress, may help create an environment in which Caterpillar could consider rehiring employees that have been laid off in recent months.

He added that "The passage of significant stimulus packages in the US and abroad would help move the global economy toward a recovery, and if these packages are enacted quickly, they could stimulate demand for our products that would likely, over time, provide Caterpillar the opportunity to recall employees who have been laid off during this downturn. We know this won't happen overnight, but I am confident that swift passage of the stimulus will lay the important groundwork to rebuild our work force."

In December 2008, Caterpillar announced that it would cut executive pay by as much as one half in 2009, reduce senior management salaries and implement a hiring freeze, because of deteriorating conditions in the sectors that use its equipment, like construction and mining.

Mr Owens added that "As a bellwether company for the global economy, we are experiencing the unprecedented depth of this still unfolding global recession and we believe strongly a fiscal infrastructure investment will create construction jobs in the near term and enhance the competitive position of the US in the global economy."

(Sourced from www.miningweekly.com)