Albemarle sees annual profit below estimate despite record lithium prices
Albemarle, one of the world's largest lithium producers, forecast on Wednesday its annual earnings below market estimate even as lithium prices were at record highs, leaving investors unimpressed and sending shares down 11%.
Global efforts to tackle climate change have led to a surge in demand for lithium used in electric vehicle batteries that has far outpaced supply, driving up prices of the metal.