Albemarle Layoffs 2024: What to Know About the Latest ALB Job Cuts


  • Albemarle (ALB) layoffs are coming for 4% of the company’s employees.
  • That will see some 300 people lose their jobs.
  • This news is due in part to falling lithium prices.
Albemarle Layoffs - Albemarle Layoffs 2024: What to Know About the Latest ALB Job Cuts

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Albemarle (NYSE:ALB) layoffs are reportedly coming for the largest lithium producer in the world as it deals with falling prices for the metals used in electric vehicles (EVs).

These layoffs have Albermarle cutting 300 employees, which represents roughly 4% of its total workforce. The headcount reductions affect its legal, mergers and acquisitions, marketing, materials sciences, research and development and recycling departments.

It’s still unclear when these Albemarle layoffs will take place. However, the company expects the job cuts to reduce its operating costs by $50 million in 2024.

What’s Behind the Albemarle Layoffs?

Reports claim that these layoffs are directly tied to the falling price of lithium. That’s due to an oversupply of the metal that is likely to cause producers to reduce operations this year to match demand.

Lithium prices are currently sitting at about $13,200 per ton. That’s worth noting as the price of the metal hasn’t been this low since 2020. It also represents a decline of “more than 80% from a late-2022 record high.”

ALB stock is up slightly alongside today’s news as some 751,000 shares change hands. The company’s daily average trading volume is about 3.2 million shares.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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