Tokyo - Hitachi Construction Machinery Co. lowered its fiscal 2008 forecast for worldwide hydraulic shovel demand, citing a faster-than-expected drop in Japan and Western Europe. The company, which earlier had projected a 6 per cent increase from fiscal 2007, now sees demand climbing just 4 per cent to 229,300 units. The biggest factor in the downward revision was Japan, where sales were expected to dip 4 per cent but are now projected to drop 15 per cent to 28,000 units.

In addition, construction booms in the U.K. and Spain have ended due to ripple effects from the U.S. subprime mortgage crisis, so the demand outlook in Western Europe has been revised from an 8 per cent to a 15 per cent decrease.

On the other hand, the firm upped its forecasts for Russia, Latin America and other emerging markets and resource-rich regions, where demand remains robust. Hitachi Construction Machinery announces its hydraulic shovel outlook each quarter when it releases its earnings report.

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