Albemarle to Cut Global Workforce Amid Lithium Price Slump

Albemarle announced plans to reduce its global workforce by 6% to 7% as part of a cost-cutting effort in response to a slump in lithium prices and weakening demand. The world's largest lithium producer revealed that around 15% of its non-manufacturing employees would be affected, according to an earnings report released on Wednesday.

In addition to the job cuts, Albemarle has restructured its operations as of November 1, aiming to increase agility, cut costs, and maintain long-term competitiveness. Combined, these measures are expected to save the company between $300 million and $400 million. Earlier this year, Albemarle also implemented additional cost-saving measures that amounted to $100 million.

Looking ahead, Albemarle forecasts capital expenditures for 2025 to be between $800 million and $900 million, with the bulk of the investment directed towards sustaining existing assets and resources. The remainder will be allocated to select growth projects and improvements that promise high returns and quick payback periods.