Albemarle announces cost actions, sees $900M-$1.1B charge

Albemarle announced asset and cost actions “designed to enhance its long-term competitiveness as part of a comprehensive review of its cost and operating structure.” the company added, “The review will help ensure that Albemarle maintains its competitive position throughout the cycle and is positioned for long-term value creation as it navigates end-market challenges, primarily in the lithium value chain. The asset and cost actions announced today include placing Kemerton Train 2 in care and maintenance, stopping construction on Kemerton Train 3, and focusing on optimizing and ramping Kemerton Train 1. As a result, Albemarle expects to recognize a charge in the range of $0.9-$1.1 billion as an exceptional item in the company’s third-quarter 2024 results.”