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Albemarle Corporation - $ALB STOCK NEWS

Welcome to our dedicated page for Albemarle Corporation news (Ticker: $ALB), a resource for investors and traders seeking the latest updates and insights on Albemarle Corporation stock.

Albemarle Corporation (NYSE: ALB), headquartered in Baton Rouge, Louisiana, is a leading specialty chemicals company with a global footprint. Albemarle excels in developing, manufacturing, and marketing high-value products such as lithium and lithium compounds, bromine and derivatives, catalysts, and surface treatment chemistries. These products find applications in a wide array of industries, including consumer electronics, flame retardants, metal processing, plastics, transportation, refining, pharmaceuticals, agriculture, and construction.

As a fully integrated lithium producer, Albemarle operates significant upstream resources, including salt brine deposits in Chile and the US, and hard rock mines in Australia through joint ventures. The company has refining operations in Chile, the US, Australia, and China, making it one of the world's largest lithium producers. With lithium playing a crucial role in electric vehicle batteries, Albemarle is well-positioned for growth in the energy storage market, boasting 35% volume growth in Energy Storage sales volumes in 2023.

In addition to its stronghold in the lithium market, Albemarle is a global leader in bromine production, essential for flame retardants, and a significant producer of oil refining catalysts. The company's ongoing projects include the expansion of lithium conversion plants and advancements in technology for sustainable solutions.

Financially, Albemarle achieved a record net sales of $9.6 billion in 2023, driven by a 31% increase from the previous year. The company's continuous growth and strategic investments have positioned it for future success. Albemarle employs approximately 6,900 people and serves clients in around 100 countries, further strengthening its global presence.

Albemarle is committed to community development and environmental stewardship. Recently, the company announced a $1 million donation to Cleveland Community College to enhance workforce training programs and foster regional economic growth. Moreover, Albemarle's proactive measures are expected to unlock over $750 million in cash flow, ensuring ongoing financial flexibility and sustainable growth.

For more information on Albemarle Corporation, visit their website at www.albemarle.com.

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Albemarle released its 2023 Sustainability Report, titled 'All the Elements for a Better World'. The report highlights the company's achievements in sustainability, including earning an EcoVadis Gold Medal and achieving an IRMA 50 level performance score for its Salar de Atacama site in Chile. Additionally, Albemarle announced an agreement with Martin Marietta Materials for repurposing byproduct material from its Kings Mountain Mine Project. The company is on track to meet its sustainability targets, such as reducing freshwater usage and carbon emissions. The report adheres to global sustainability standards, emphasizing Albemarle's commitment to creating value for stakeholders and a resilient world.

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Albemarle has unveiled its project plan for the Kings Mountain Mine, a major lithium deposit in the U.S. The plan includes reducing land disturbance by utilizing former mine sites, sustainable materials management, and high environmental standards aligned with the Initiative for Responsible Mining Assurance (IRMA). The mine is expected to produce 420,000 tons of lithium-bearing spodumene concentrate annually, boosting the U.S. lithium supply for sustainable transportation and defense applications. The project has received significant funding from the U.S. Department of Defense and Department of Energy. An Environmental and Social Impact Assessment (ESIA) is underway, encouraging community engagement and aiming to mitigate adverse impacts.

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On May 22, 2024, International Paper (NYSE: IP) announced the election of Jamie A. Beggs and Scott A. Tozier to its Board of Directors, effective May 21, 2024. Additionally, Ilene S. Gordon retired from the Board due to personal and health reasons.

Beggs, a seasoned financial executive, is currently Senior Vice President and CFO of Avient Tozier, a strategic advisor and former CFO at Albemarle , brings extensive financial and M&A experience. Both will join the Audit and Finance Committee and the Public Policy and Environment Committee.

These changes leave the IP Board with 11 directors, nine of whom are independent. Clinton A. Lewis, Jr. was named chair of the Governance Committee.

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Albemarle and Martin Marietta Materials have signed an innovative agreement to utilize limestone material from Albemarle's Kings Mountain Mine in a socially and environmentally responsible manner. The agreement aims to support local communities and reduce operational footprints while contributing to sustainable resource management. Albemarle plans to deliver limestone material to Martin Marietta's Kings Mountain Quarry for processing and sale as construction aggregate, with royalty fees benefiting local initiatives.

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Albemarle (NYSE: ALB) has declared a quarterly dividend of $0.40 per share with an annualized rate of $1.60. The dividend will be payable on July 1, 2024, to shareholders of record as of June 14, 2024.

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Albemarle reported its first quarter 2024 results, with net sales of $1.4 billion driven by energy storage volume growth. The company achieved net income of $2 million and adjusted diluted EPS of $0.26. They also delivered over $90 million in productivity and restructuring cost savings in Q1 and reaffirmed their FY 2024 corporate outlook. Albemarle's CEO highlighted the team's agility in market conditions, emphasizing their focus on profitable organic growth and value creation.

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Albemarle (NYSE: ALB) donates $1 million to Cleveland Community College to support workforce development programs, including training, apprenticeships, and equipment purchases. The donation aims to strengthen the region's workforce for growing industries like the redevelopment of the Kings Mountain Mine. Albemarle employees and students will benefit from state-of-the-art training programs and equipment.
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Albemarle (ALB) will release its first-quarter 2024 earnings on May 1, 2024, followed by a conference call on May 2. Access to the call is available via webcast or direct dial. The company is a global leader in essential elements for mobility, energy, connectivity, and health.
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Albemarle Corporation (ALB) increases its previously announced offering to $2.0 billion, pricing 40,000,000 depositary shares at $50 per share. The underwriters have a 30-day option to purchase up to an additional 6,000,000 Depositary Shares, reflecting an upsizing of the offering.
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Albemarle Corporation (ALB) has announced a $1.75 billion offering of depositary shares representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock. The company intends to use the proceeds for general corporate purposes, including funding growth capital expenditures and repaying outstanding commercial paper.
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FAQ

What does Albemarle Corporation do?

Albemarle Corporation develops, manufactures, and markets specialty chemicals, including lithium compounds, bromine, catalysts, and surface treatment chemistries for various industries.

Where is Albemarle Corporation headquartered?

Albemarle Corporation is headquartered in Baton Rouge, Louisiana.

How large is Albemarle’s workforce?

Albemarle employs approximately 6,900 people worldwide.

What are Albemarle’s main products?

Albemarle's main products include lithium compounds, bromine and derivatives, catalysts, and surface treatment chemistries.

In which markets does Albemarle operate?

Albemarle operates in markets such as consumer electronics, transportation, refining, pharmaceuticals, agriculture, construction, and more.

What is Albemarle’s role in the lithium industry?

Albemarle is one of the world's largest lithium producers, vital for energy storage in electric vehicle batteries.

How has Albemarle performed financially in recent times?

In 2023, Albemarle achieved a record net sales of $9.6 billion, marking a 31% increase from the previous year.

What recent initiatives has Albemarle undertaken?

Albemarle announced a $1 million donation to Cleveland Community College for workforce training and is taking measures to enhance financial flexibility.

What are Albemarle’s future growth areas?

Albemarle focuses on expanding lithium conversion plants and advancing sustainable chemical technologies.

How does Albemarle contribute to community development?

Albemarle supports various community initiatives, including educational, health, and cultural programs, recently donating $1 million to Cleveland Community College.

Albemarle Corporation

NYSE:ALB

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12.17B
116.86M
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95.89%
12.44%
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