Lithium prices force U.S. Albemarle to cut jobs

Charlotte based Albemarle, the world’s largest lithium producer, has laid off more than 300 employees, or four per cent of its total workforce in its U.S. and global operations, Reuters said on Monday citing The Information magazine.

The company’s stock fell by Monday morning at -1.03 per cent in pre-market trading to 118.6. It has fallen 17.05 per cent over the past month, closing at $146.89 on January 1, as the stock fell as low as $115.13 and as high as $149.61.

The firm had said earlier in January it would cut jobs and defer spending on a U.S. refinery project, as part of a wide-ranging plan to slash costs amid falling lithium prices.