(Reuters) - Albemarle Corp said on Wednesday it had started a cost control program targeting over $100 million in savings over the next two years, as the world’s largest lithium producer grapples with a fall in prices on near-term oversupply concerns.
The company said last month it would cut costs in response to challenging market conditions, but had not specified an amount.
Albemarle did not provide any further details on the program on Wednesday.
Supply of lithium, used to power electric vehicles, has outpaced demand which dampened in recent months following global trade tensions, scaling back of electric vehicle subsidies in China and higher production of the battery metal.
Albemarle reported an adjusted profit of $1.53 per share for the third quarter, in line with its preliminary estimates last month when it had also cut profit and sales forecast for the year.
Rival Livent Corp also cut its full-year revenue and earnings forecast on Tuesday and said the flagging lithium industry was working through “difficult” times.
Reporting by Taru Jain; Editing by Sriraj Kalluvila and Shounak Dasgupta