Albemarle falls on weak Q4 results; to idle Australia lithium plant
Shares of world's largest lithium producer Albemarle ALB.N drop 9% to $159.72
ALB late on Wednesday said it would idle a major Australian processing plant
It also posted a larger-than-expected quarterly loss of 53 cents per share vs. analysts' estimates of 41 cents per share - data compiled by LSEG
Lithium prices have plunged more than 90% over the last two years due in part to oversupply from China
ALB CEO Kent Masters says in an earnings call that recent lithium price improvements do not offset challenges facing Western Lithium Hard Rock conversion operations
Expects global lithium demand to grow by 25% this year
Says CATL's lithium mines in China to come back online in the coming year; CATL is the world’s largest manufacturer of lithium-ion batteries for EVs and energy storage systems
Including session's moves, ALB up ~12% YTD
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