Bucyrus (BUCY) CEO Appears on Mad Money; Makes Upbeat Comments

Jim Cramer welcomed Bucyrus' (Nasdaq: BUCY) President and CEO, Timothy Sullivan, to his Mad Money show last night.

The exec gave an upbeat update on Bucyrus' operations, calling the company's equipment "the backbone for many large, multinational customers." Sullivan also noted that Bucyrus' equipment has not been affected by the global slowdown as he pointed out that their mining tools are usually the last to be cut from a job site.

Discussing the recently revised operating plans at Freeport-McMoRan (NYSE: FCX), Bucyrus' CEO said that this news is not normal in the mining industry and that his company's backlog is solid as most of their contracts are non-cancelable.

Finally, Cramer asked Sullivan how President-elect Obama's anticipated focus on alternative energies would affect Bucyrus' business. Sullivan said concerns about global warming would not affect the company's operations in the near-term as 77% of countries around the world still use coal as their main power source. To end the segment, Sullivan mentioned that, while China is slowing down, it still opens a new coal-fired power plant every week in order to meet its huge energy demands.

Shares of Bucyrus are surging today with the majority of the energy complex. The stock is currently up more than 9% to $19.21.

Bucyrus International, Inc. engages in the design and manufacture of mining equipment for the extraction of coal, copper, oil sands, iron ore, and other minerals in mining centers worldwide.

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