Albemarle Corp. Faces $1 Billion Loss, Announces Major Job Cuts

The world's largest lithium producer responds to market downturn with workforce reductions and capital expenditure cuts.

Albemarle Corp. reported a third-quarter net loss of $1.1 billion due to a significant drop in lithium prices.
The company plans to cut 6-7% of its global workforce, focusing on non-manufacturing roles, to save $300-$400 million annually.
Lithium prices have fallen by 71%, driven by surplus supply from China and slower electric vehicle adoption.
Albemarle is halving its 2025 capital expenses by up to $900 million, adjusting to the lower lithium price environment.
Despite challenges, Albemarle maintains its full-year outlook, supported by increased lithium sales volume and long-term contracts.