Not least of these is the downturn in mining investment he expects.

Sutherlin told an analysts meeting at Minexpo in Las Vegas that capital spending by mining companies was likely to fall by 5-10% in 2013.

He said the company faced a weak US thermal coal market and a slowing China market too.

Then there is the impact on the metallurgical coal business with global steel production levelling, which also impacts Joy’s various businesses.

But the news is not all doom and gloom.

“The strength of the long-term market looks especially good and it looks especially good in developing Asia,” Sutherlin said.

“When you get to thermal coal, again China has indicated that it’s got to be dependent on import. That’s going to drive import demand for thermal coal.

“Long-term for China and India continues to be positive. Not only do we see continuation of their industrialization but we see both countries developing a dependence on seaborne traded coal.”

That should mean more purchases from the companies that hope to supply that seaborne traded coal.

Given its P&H business along with its Joy underground coal brands, Joy Global is well positioned to cover both the surface and underground coal markets.

Aftermarket services look likely to remain a key source of joy for Joy. The segment makes up 60% of the equipment maker’s business and provides a significant amount of stability to revenue and earnings.

Another thing that will help the company out is the long backlog of orders it has. This, Sutherlin believes, will give the company time to analyse, adjust and react to the environment.

He said the company had announced further restructurings for 2013 that would translate into savings for 2014.

Sutherlin said he had not been surprised to see GE enter the mining market, given it was already a player as a supplier of haul truck power systems.

“I think the acquisitions they made were an interesting standpoint in that they’re relatively small niche companies serving fairly disparate markets and it doesn’t really give any critical mass and leverage from,” he said.

Sutherlin said he did not expect GE would want to be a marginal player in any market.

So that brings up the obvious question over whether Joy would be a logical target.

Sutherlin played it straight saying the company tended to ignore such speculation.