Albemarle
Compare Albemarle…Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide, including lithium compounds.
SectorsBatteries
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AlbemarleAlbemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide, including lithium compounds.
| Fiscal Year | Greenbushes 49% (kt Li) | Wodgina (kt Li) | Salar de Atacama (kt Li) | Silver Peak NV (kt Li) | Total Li metal (kt) |
|---|---|---|---|---|---|
| FY 2022 | 19 | 3 | 10 | 2 | 34 |
| FY 2023 | 21 | 7 | 10 | 1 | 39 |
| FY 2024 | 19 | 6 | 13 | 1 | 39 |
| FY 2025 | 19 | 8 | 14 | 1 | 42 |
| Quarter | Spot LCE ($/kg) | ALB Realized ($/kg) |
|---|---|---|
| Q1 2022 | ~$65/kg | ~$30/kg (long-term contracts cap upside) |
| Q2 2022 | ~$71/kg | ~$45/kg |
| Q3 2022 | ~$78/kg | ~$60/kg |
| Q4 2022 | ~$80/kg (peak) | ~$70/kg |
| Q1 2023 | ~$45/kg | ~$50/kg (legacy contracts above spot) |
| Q2 2023 | ~$40/kg | ~$48/kg |
| Q3 2023 | ~$25/kg | ~$32/kg |
| Q4 2023 | ~$15/kg | ~$25/kg |
| Q1 2024 | ~$13/kg | ~$15/kg |
| Q2 2024 | ~$13/kg | ~$13/kg |
| Q3 2024 | ~$11/kg | ~$11/kg (convergence) |
| Q4 2024 | ~$10/kg | ~$10/kg |
| Q1 2025 | ~$10/kg | ~$10/kg |
| Q2 2025 | ~$11/kg | ~$11/kg |
| Q3 2025 | ~$13/kg | ~$12/kg (slight lag on spot recovery) |
2021-Q2-2026-Q1
1996-2025
$ALB
World's largest lithium producer, mining and refining lithium from brine operations in Chile and hard rock in Australia. ~$20B market cap company supplying the critical raw material for virtually all lithium-ion batteries globally. Expanding production capacity to meet surging EV battery demand while navigating volatile lithium commodity prices.
Key Milestones
Founded in Richmond, Virginia by Floyd D. Gottwald Jr. as a spinoff of Ethyl Corporation's specialty chemicals division. Initial product slate: bromine, fire safety chemicals, and pharma intermediates. Lithium becomes a strategic priority only post-2000 as portable electronics drive demand. The 2014 Rockwood acquisition transforms ALB into the world's largest lithium producer.
Albemarle spun out of Ethyl Corporation as standalone NYSE-listed specialty chemicals company under ticker ALB. Initial revenue base ~$700M from bromine and refinery catalysts; lithium contributes <5% of sales. Sets stage for two decades of M&A-driven repositioning toward EV battery materials.
Acquired Akzo Nobel's catalyst business for $799M: heterogeneous-catalyst refining base that would later become a cash-generating segment funding lithium expansion. Strategically signals ALB's shift from commodity bromine to higher-margin specialties.
Acquired Rockwood Holdings for $6.2B (cash + stock): vaulting Albemarle to the world's largest lithium producer. Rockwood brought Salar de Atacama brine operations in Chile (now ~50% of ALB lithium output), Talison Lithium spodumene JV with Tianqi at Greenbushes Australia, and Kings Mountain (NC) feedstock. Transforms ALB's revenue mix: lithium goes from <10% to >40% of segment EBIT by 2018.
Lithium hydroxide spot prices peaked above $80,000/t (CIF Asia): driven by Tesla 4680 ramp, BYD Han EV scale-out, China NEV subsidy phase-out demand pull-forward. Albemarle reports Q4 2022 record-quarter EPS of $8.62 (vs $0.43 Q4 2021); full-year 2022 EPS $21.96 vs $1.28 prior year. The lithium boom that funds the 2023 Wodgina expansion and Chester County (SC) site purchase.
Announced $1.3B lithium conversion plant in Chester County, South Carolina: IRA-eligible, targeting 100,000 t/yr battery-grade lithium hydroxide for 2.4M EVs annually. Fed by Kings Mountain (NC) spodumene + Chilean brine. Strategic move to reshore midstream conversion away from China dominance (>70% of global LiOH conversion).
Cut ~4% of workforce (~300 positions) and deferred Kemerton (WA) trains 3/4 commissioning as lithium hydroxide spot prices crashed below $14,000/t: an 85% drawdown from June 2022 peak. Q4 2023 EPS missed by $0.40; capex guide cut $400M. The classic commodity-cycle pivot from boom expansion to contraction.
Halted Kemerton train 3 commissioning and placed train 2 on care and maintenance: additional ~$200M cost-cutting actions. Lithium hydroxide spot at $9,000/t, below ALB's marginal cost from spodumene. Stock down >70% from 2022 peak; CEO Kent Masters under board pressure.
Wodgina spodumene resumed expansion (with JV partner Mineral Resources) as long-dated EV demand outlook firmed: lithium spot stabilizing at $11,500-13,500/t. Capacity restart adds ~50,000 t LCE/yr from train 4 commissioning by 2027. Cautious unwind of 2024 austerity phase.
Reported full-year 2024 EPS of $0.42 (vs $21.96 record in 2022): confirms cyclical trough, with Q3 2024 quarterly loss the cycle low. Lithium hydroxide spot stabilizing at $13,500/t. Stock recovers ~50% from January 2024 lows on demand-rebound expectations.
Lithium hydroxide spot recovers to $18,000/t in Q1 2026: first material spot-price uptick since 2022 peak as Chinese inventory cycles bottom. ALB Q1 2026 EPS surprise positive at $0.85 vs consensus $0.30; confirms commodity-cycle inflection.
