Sandvik has said a steep fall in demand from the mining industry has levelled off, while order cancellations remained at normal levels as it posted fourth-quarter earnings that lagged forecasts. Reuters reports: “equipment makers are suffering from a deep slump in demand as the global mining industry slashes billions of dollars in capital spending to placate investors tired of costly expansion and budget overruns against a background of softer metal prices.

“Sandvik said its quarterly order bookings dipped to SEK20.8 billion Swedish crowns from a year ago SEK21.1 billion, just above the SEK20.7 billion seen by analysts.”

“In the fourth quarter, the global market situation remained largely on par with the preceding quarter and the dramatic fall-off in demand appears to have been halted,” Sandvik Chief Executive Olof Faxander said in a statement, Reuters reported.

“In its mining unit alone, bookings in the fourth quarter were down 8% on year and 7% from the preceding quarter, but the company said demand was stabilising even if customers taking time in deciding to place orders.”