Albemarle Corporation reported net sales of $5.4 billion for the year ended December 31, 2024, a 44% decrease compared to $9.6 billion in 2023. The decrease was primarily attributed to unfavorable pricing impacts, particularly in battery- and tech-grade lithium carbonate and hydroxide sold under index-referenced and variable-priced contracts. This was partially offset by higher sales volume driven by capacity expansions in Chile and China. Cash flows from operations were $702.1 million in 2024.
Significant changes from the previous fiscal year included a 68% decrease in adjusted EBITDA, falling from $3.5 billion in 2023 to $1.1 billion in 2024. This decline reflects the impact of lower lithium market prices. The company also recorded restructuring charges and asset write-offs totaling $1.2 billion in 2024, primarily due to halting construction of Kemerton Trains 3 and 4 and placing Train 2 into care and maintenance. The company transitioned its operating structure from two business units to a fully integrated functional model (excluding Ketjen), effective November 1, 2024.
Strategic developments in 2024 included the completion of the MARBL joint venture restructuring, resulting in Albemarle acquiring the remaining 40% ownership of the Kemerton lithium hydroxide processing facility. The company also finalized agreements with regulatory agencies to resolve self-reported potential violations of the U.S. Foreign Corrupt Practices Act, resulting in a $218.5 million payment. A multi-year agreement with BMW Group to supply battery-grade lithium was announced, effective in 2025.
Key operational developments included the Meishan, China lithium conversion plant achieving first commercial sales in the second quarter of 2024. Albemarle served approximately 1,900 customers in approximately 70 countries as of December 31, 2024. The company employed approximately 8,300 people globally, with 39% based in the U.S. and the Americas. The company maintained its OSHA occupational injury and illness incident rate at 0.13.
Albemarle anticipates decreased Energy Storage net sales and profitability in 2025 due to lower lithium market prices, although this is expected to be partially offset by higher sales volume. Specialties net sales and profitability are projected to increase in 2025, while Ketjen results are expected to increase due to higher revenues. The company plans to continue declaring and paying comparable dividends to shareholders, but this remains at the discretion of the Board of Directors. The company expects to continue its focus on cash generation, working capital management, and process efficiencies while managing the impact of the challenging global economic environment.
About ALBEMARLE CORP
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