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US Stock Movement | US-based Albemarle(ALB.US) rose over 5% after announcing the idling of its Kemerton lithium processing plant in Australia to enhance financial flexibility
Jingdong Finance APP has learned that on Friday, Albemarle (ALB.US) rose more than 5%, trading at $167.32. According to recent news, Albemarle announced that it will immediately idle its Kemerton lithium hydroxide processing plant in Western Australia to enhance financial flexibility. In its Q4 earnings report released on Wednesday, the company stated that although lithium prices have recently rebounded, the increase is not enough to offset the challenges faced by its hard rock lithium refining business in Australia. Albemarle had announced plans in May 2023 to invest over $1 billion to expand Kemerton lithium hydroxide capacity, but has now scaled back that plan to improve operating cash flow and reduce capital expenditures.