Albemarle is primarily a lithium producer, making lithium carbonate and lithium hydroxide — the key inputs for lithium-ion batteries used in EVs and grid-scale energy storage. Albemarle also mines and sells spodumene concentrate, the raw hard-rock ore from which lithium is processed. Its second-largest business is bromine-based specialty chemicals, including fire retardants for electronics and construction, sold under its Specialties segment. A third segment, Ketjen, produces refining catalysts for oil and gas, though Albemarle has agreed to divest the majority of Ketjen, retaining only a minority stake and one product line. Albemarle's business model centers on owning low-cost lithium resources — including a 49% stake in the Greenbushes hard-rock mine in Australia and brine operations in Chile's Atacama — and converting those resources into finished lithium salts at processing facilities in Chile, China, and Australia. Owning both the resource and conversion network allows Albemarle to capture margin across the value chain and remain profitable at depressed lithium prices where higher-cost, non-integrated converters struggle. Earnings are highly sensitive to lithium spot prices. Albemarle manages this through long-term agreements covering roughly 45-50% of lithium salt volumes, with the remainder sold at spot, particularly in China. Given the current lithium price downturn, Albemarle has shifted focus to cost reduction, CapEx cuts, and debt reduction, while preserving its resource assets for when prices recover.