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Commodities pain spreading, Caterpillar retrenches

Caterpillar slashes thousands of jobs

Caterpillar, forecasting the longest revenue decline in its history, is the latest casualty of the global commodities selloff, a downward spiral that's not likely to end any time soon.

Sensitive to both energy and mining, Caterpillar warned Thursday that its revenues will be $1 billion less than the $49 billion expected this year, and it sees another decline next year. As a result, it announced further restructuring steps to cut $1.5 billion in annual costs, and said it could eliminate as many as 10,000 workers by 2018.

The company said it expects a 5 percent decline in sales and revenues in 2016—the first time in its 90 years that it would experience four years in a row of shrinking sales and revenues.