© Reuters. FILE PHOTO: An worker walks close to lithium evaporation ponds at Albemarle Lithium manufacturing facility in Silver Peak, Nevada, U.S. October 6, 2022. REUTERS/Carlos Barria/File Photograph
(Reuters) – Albemarle (NYSE:) has laid off greater than 300 workers, or 4% of its whole workforce, in its U.S. and international operations, The Data stated on Monday, citing individuals accustomed to the matter.
Shares of the world’s largest lithium producer had been down 1.8% in premarket buying and selling.
U.S. operations of the Charlotte, North Carolina-based firm noticed layoffs in its authorized, mergers and acquisitions, advertising and marketing, supplies sciences, analysis and improvement and recycling groups, based on the report.
Brokerage TD Cowen minimize Albemarle’s score to “market carry out” from “outperform” because it stated it anticipated inordinate capital expenditure cuts, elevated balance-sheet stress and money burn in a weak pricing atmosphere.
The agency had stated earlier in January it will minimize jobs and defer spending on a U.S. refinery undertaking, as a part of a wide-ranging plan to slash prices amid falling lithium costs.
World provide of the ultralight steel over the previous yr has outpaced demand from the battery market, fueling a glut that has dragged on pricing.
Albemarle didn’t instantly reply to a Reuters request for remark.