Sandvik parries mining doldrums as profit slides less than forecast

Swedish engineering group Sandvik reported a smaller than expected fall in first quarter core operating earnings on Monday as cost cuts helped partly offset a deep slump in its mining business which showed little sign of letting up. Years of soft commodity prices have depressed demand for mining equipment as miners cut costs and shutter unprofitable sites, hitting sales for machinery makers such as Sandvik and fierce rival Atlas Copco.