Albemarle Adjusts To Lower-For-Longer Lithium Prices, Cuts Capex, Announces Layoffs

Albemarle Corporation (NYSE:ALB), the world's leading lithium producer, reported a challenging third quarter, revealing a net loss of $1.1b amidst a continued downturn in lithium prices.

Despite a market slump, fueled by a supply surplus from China and a demand-dampening slower EV adoption, Albemarle saw a 16% rise in lithium sales volume year-over-year.

Management expects the downturn to endure, so it has announced measures to adjust to these market conditions: streamlining business units and announcing workforce reductions of 6-7% globally, primarily impacting non-manufacturing roles.

"Through our strategic review of Albemarle's cost and operating structure, we have identified significant opportunities to reduce costs, improve productivity, and decrease capital spending," ...