Albemarle cuts back lithium processing in Australia amid price slump

SYDNEY -- U.S. lithium giant Albemarle will scale back operations at its lithium processing plant in Australia and halt expansion of the facility due to the prolonged downturn in prices for the metal.

The North Carolina-based company announced the decision in a statement on Wednesday in the U.S., saying it had launched a "comprehensive review" of its cost and operating structure to "preserve long-term competitiveness" in the face of "ongoing industry headwinds."