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Albemarle to cut staff, pause expansions amid falling lithium prices

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Albemarle to cut staff, pause expansions amid falling lithium prices

 
A general view shows the brine pools of Albemarle Chile lithium plant placed on the Atacama salt flat

A general view shows the brine pools of Albemarle Chile lithium plant placed on the Atacama salt flat, Chile, May 4, 2023. REUTERS/Ivan Alvarado/File Photo Acquire Licensing Rights, opens new tab

Jan 17 (Reuters) - Albemarle (ALB.N), opens new tab, the world's largest lithium producer, said on Wednesday it will cut jobs and defer spending on a U.S. refinery project as part of a wide-ranging plan to slash costs amid falling prices of the metal used to make electric vehicle batteries.
Shares of the Charlotte, North Carolina-based company fell 2.8% to $122.44 in morning trading on the New York Stock Exchange. The stock has lost nearly half of its value in the past 52 weeks.

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