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The 96-year-old construction machinery giant continued to slide in the Fortune 500 rankings, dropping 16 spots in 2020. Caterpillar’s bottom line suffered across all regions throughout the pandemic owing to lower demand. But the manufacturing sector has seen recovery start to pick up as more businesses reopen, and total industrial production rose 2.5% year over year in 2020. That, combined with improved commodity prices, hints at a better year ahead for the world’s largest construction-equipment manufacturer.
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