In January 2024, the Company announced measures to unlock near-term cash flow and generate long-term financial flexibility by re-phasing organic growth investments and optimizing its cost structure. This includes indefinitely suspending construction of the fourth train at its Kemerton conversion plant.

The company announced an innovative agreement with Martin Marietta Materials to make beneficial use of extracted limestone material from Albemarle's proposed Kings Mountain Mine project, enhancing economic benefits for the surrounding community.

The Meishan, China lithium conversion plant achieved first commercial sales during the second quarter of 2024, contributing to higher sales volume in Energy Storage.

The company is taking proactive actions, including certain restructuring activities and reducing planned capital expenditures, to optimize its cost structure and strengthen its financial flexibility in response to lithium price volatility.

Selling, general and administrative expenses decreased by 57% year-over-year, partially due to reduced expenses as part of announced cost reduction efforts, including outside services and travel and entertainment costs.

The company continues to focus on cash generation, working capital management and process efficiencies to maintain financial flexibility and capitalize on new business opportunities.

Fluctuations in lithium market pricing, particularly due to increased exposure to index-referenced and variable-priced contracts, could significantly impact revenues and profitability.

A significant and extended downturn in lithium market prices or demand could impact the Company's ability to maintain compliance with its amended financial covenants and it could require the Company to seek additional amendments.

Political unrest affecting the global economy, including adverse effects from terrorism or hostilities, and political instability affecting manufacturing operations or joint ventures, present ongoing risks to the company's operations and financial results.

Despite increased competition, the company believes its business fundamentals are sound and that it is strategically well-positioned as it remains focused on increasing sales volumes, optimizing and improving the value of its portfolio primarily through pricing and product development, managing costs and delivering value to its customers and shareholders.

The company's outlook is bolstered by long-term supply agreements with key strategic customers, reflecting its standing as a preferred global lithium partner, highlighted by its scale, access to geographically diverse, low-cost resources and long-term track record of reliability of supply and operating execution.

The company continues to focus on product innovation to deliver superior end-use performance to its customers and create sustainable value in the refinery catalysts industry.

The company is actively managing costs and has implemented cost reduction initiatives, which are contributing to decreased SG&A expenses and improved operational efficiency.

The company is continually focused on working capital efficiency, particularly in the areas of accounts receivable, payables and inventory, to improve cash flow and operational performance.

The company is undertaking restructuring actions, including re-phasing organic growth investments and optimizing its cost structure, to improve efficiency and financial flexibility.

The company continues to invest in product development to deliver superior end-use performance and create sustainable value for its customers.

The company has signed an agreement to supply unique technologies to new markets, such as the hydrotreated vegetable oil market, which supports the energy transition for sustainable aviation fuels.

The company is focused on developing high quality and innovative products while managing the high cost of expanding capacity.

The company issued 46,000,000 depositary shares of Mandatory Convertible Preferred Stock, receiving net proceeds of approximately $2.2 billion, which were used to repay commercial paper and for general corporate purposes.

Capital expenditures are primarily associated with plant, machinery and equipment and are focused on Energy Storage growth and capacity increases.

The company is re-phasing organic growth investments and optimizing its cost structure, including indefinitely suspending construction of the fourth train at its Kemerton conversion plant.

The company published its 2023 Sustainability Report, detailing updates on sustainability strategy execution and progress made toward achieving sustainability goals.

The company announced an innovative agreement with Martin Marietta Materials to make beneficial use of extracted limestone material from Albemarle's proposed Kings Mountain Mine project.

The company announced a $1 million donation to Cleveland Community College for the purchase of equipment, supplies and facility improvements to benefit workforce training programs.

The company's financial performance is significantly impacted by lithium market pricing volatility, particularly due to increased exposure to index-referenced and variable-priced contracts.

The company is planning for various economic scenarios and actively monitoring its balance sheet to maintain the financial flexibility needed to navigate global economic uncertainties.

Global EV sales are expected to continue to increase over the prior year, driving continued demand for lithium batteries.