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.
Investors who want to catch up on even more of the most recent stock market stories today are in the right place!
We have all of the biggest stock market news that traders need to know about on Monday! A few examples include what’s happening with China Evergrande (OTCMKTS:EGRNQ), iRobot (NASDAQ:IRBT) and Spirit Airlines (NYSE:SAVE) stock today. All of that info is available at the following links!
More Monday Stock Market News
- 10 Things to Know as China Evergrande Heads for Liquidation
- Is iRobot (IRBT) Stock on the Brink of Death?
- Will Spirit Airlines (SAVE) Stock Survive the Week?
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 InvestorPlace.com Publishing Guidelines.
