Albemarle Corp of Charlotte, NC has reported a third quarter 2021 net loss of US$374.4 million on net sales of US$830.6 million compared with a net income of US$117.0 million on net sales of US$748.9 million in the corresponding period of 2020.
Kent Masters, Albemarle’s CEO, said, “Despite supply chain challenges and increased raw material costs last quarter, we continued to deliver solid revenue and adjusted EBITDA growth. In October, we achieved first lithium carbonate production at our new La Negra III/IV conversion facility (in Northern Chile). We are making investments to add significant conversion capacity in China, initially targeting up to 150,000 metric tons of lithium hydroxide per year which will provide high-return growth opportunities aligned with the increasing demand from our customers”
Albemarle’s net loss includes a US$657.4 million charge related to a recent arbitration decision on a dispute regarding Huntsman Corp’s acquisition of Rockwood’s Pigments & Additives business in 2014. The Huntsman-Rockwood dispute is a legacy dispute that Albemarle inherited when it purchased all outstanding equity of Rockwood Holding in 2015, acquiring its lithium and other business lines unrelated to the dispute.
Albemarle’s third quarter 2021 Lithium sales were US$359.2 million versus US$265.6 million in the same period of 2020. The increase is primarily attributed to a 30% increase in volume sales and higher prices.
Volume 35, Issue 21