Albemarle Corporation - ALB STOCK NEWS

Albemarle (NYSE: ALB), a global leader in essential elements, has announced a comprehensive review of its cost and operating structure, along with immediate asset actions at its Kemerton lithium processing site in Australia. These measures aim to address industry headwinds, particularly in the lithium value chain, and maintain long-term competitiveness. The company's strategy focuses on preserving resource advantages, optimizing conversion networks, improving cost competitiveness, reducing capital intensity, and enhancing financial flexibility.

At Kemerton, Albemarle will stop construction of Train 3, idle production at Train 2, and focus on ramping up Train 1. The company plans to provide more details during its third quarter earnings call. CEO Kent Masters emphasized the need to adapt to global market dynamics while leveraging core capabilities. These actions coincide with Albemarle's release of its second quarter 2024 earnings results.

Albemarle (NYSE: ALB) reported its Q2 2024 results, with net sales of $1.4 billion and a net loss of $188 million. The company saw a 37% increase in Energy Storage volume growth, but lower pricing year-over-year. Adjusted EBITDA was $386 million, up sequentially. Cash from operations increased by $289 million to $363 million.

Albemarle delivered over $150 million in productivity benefits and is on track to exceed its full-year restructuring target by 50%. The company is maintaining its full-year outlook considerations, with the $15/kg scenario expected to apply even with lower July market pricing. Albemarle announced asset and cost actions, including placing Kemerton Train 2 in care and maintenance and stopping construction on Kemerton Train 3, resulting in an expected charge of $0.9-$1.1 billion in Q3 2024.

Albemarle (NYSE: ALB) has declared a quarterly common stock dividend of $0.405 per share, payable on Oct. 1, 2024, to shareholders of record as of Sept. 13, 2024. The dividend has an annualized rate of $1.62. Notably, Albemarle has increased its dividend for 30 consecutive years, demonstrating a strong track record of shareholder returns.

Albemarle is a global leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. The company's focus on reliable and high-quality global supply of lithium and bromine enables it to deliver advanced solutions for its customers, contributing to a more resilient world.

The global lithium industry is experiencing significant growth, with reserves and resources surging 52.2% to 303.5 million metric tons in Q1 2024 compared to three years ago. Lithium South Development (TSXV:LIS) (OTC:LISMF) filed a new Preliminary Economic Assessment (PEA) for its Hombre Muerto North Lithium Project, revealing an after-tax NPV of US$938 million and an IRR of 31.6%. The company also updated its NI 43-101 technical report, showing a 175% increase in lithium resources to over 1.58 million tonnes of LCE.

Other industry developments include Sigma Lithium 's 40% upgrade in proven and probable reserves, Lithium Ionic Corp.'s $11 million financing for its Brazilian projects, Albemarle 's agreement to increase production quota in Chile, and Standard Lithium 's partnership with Equinor ASA for a potential $160 million investment.

Albemarle (NYSE: ALB), a global leader in essential resources for mobility, energy, connectivity, and health, announced it will release its second-quarter 2024 earnings on July 31, 2024, after the NYSE closes. The company will hold a conference call on August 1, 2024, at 8:00 AM ET to discuss the results. Access to the call will be available via webcast or direct dial, with replay information accessible through Albemarle's website. The company specializes in a reliable, high-quality global supply of lithium and bromine, partnering to deliver advanced solutions for various sectors.

Albemarle (NYSE: ALB), a global leader in essential elements for mobility, energy, connectivity, and health, has released its fourth annual Sustainability Day video. The video showcases key highlights from the 2023 Sustainability Report titled 'All the Elements for a Better World.' According to Chairman and CEO Kent Masters, sustainability is ingrained in Albemarle's purpose, strategy, and value proposition. The video details the company's progress and commitment to building a more resilient world in collaboration with global stakeholders.

Key areas of focus include environmental stewardship, social responsibility, and governance. The company has made advancements toward its sustainability targets and engaged in innovative agreements with third-party partners. The sustainability video is available on Albemarle's website, where viewers can also access the full 2023 Sustainability Report.

Ketjen has appointed Henri Tausch as the new Chief Commercial Officer (CCO), effective June 24, 2024. Tausch will be responsible for enhancing the company's commercial strategies and fostering partnerships to boost global growth. He brings a wealth of experience from his previous roles, including interim General Manager at Hexion for Latin America and various executive positions at Honeywell. Tausch holds a Master of Science in Electrical Engineering from the Technical University in Eindhoven. Ketjen's President, Michael Simmons, highlighted Tausch's proven track record in driving revenue growth and implementing commercial best practices as key assets for the company's future success.

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.

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.