The Charlotte, North Carolina-based company said earlier this month it would cut jobs and pause expansion in response to slipping prices for the metal used in electric vehicle batteries.
Albemarle at that time did not specify the number of job cuts, but indicated the moves would save at least $50 million in 2024 alone.
Global supply of the ultralight metal over the past year has outpaced demand from the battery market, fueling a glut that has dragged on pricing.
An Albemarle spokesperson did not immediately respond to requests for comment from Reuters. The company's stock fell about 1% in Monday morning trading alongside shares of other lithium producers.
Albemarle's U.S. operations saw layoffs in its legal, mergers and acquisitions, marketing, materials sciences, research and development and recycling teams, and cuts occurred internationally as well, The Information reported.
Brokerage TD Cowen cut Albemarle's rating on Monday to "market perform" from "outperform" - essentially advising investors to hold rather than buy the stock - because it expects the company to burn through cash due to weak lithium prices, putting stress on its balance sheet.
As part of the cuts announced earlier this month, Albemarle said it would defer spending on a U.S. refinery project, although the company told Reuters at the time it would not pause development of its direct lithium extraction project in Arkansas.
Albemarle produces lithium in Chile, Australia and the U.S., and operates processing facilities in China. It counts Tesla (TSLA.O) and other automakers as some of its biggest customers.
