Albemarle Corporation (ALB) Q2 2025 Earnings Call

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WEBVTT 00:00:00.149 -- 00:00:05.452 low lithium market pricing persist for the remainder of the year. 00:00:05.474 -- 00:00:10.259 This is largely due to our team's successful execution of measures to reduce operating 00:00:10.259 -- 00:00:14.301 and capital costs and preserve financial flexibility. 00:00:14.303 -- 00:00:19.789 For example, as of June, we achieved a 100% run rate of our $400 00:00:19.789 -- 00:00:24.974 million cost and productivity improvement target, the high end of our initial 00:00:24.974 -- 00:00:26.913 target range. 00:00:26.913 -- 00:00:32.621 further reducing our full year 2025 expected expenditures to 00:00:32.621 -- 00:00:35.024 the range of $650 to $700 00:00:35.024 -- 00:00:40.192 million, down about 60% versus last year. 00:00:40.192 -- 00:00:45.219 Finally, we enhanced our financial flexibility, meaning preferred shares we 00:00:45.219 -- 00:00:47.802 held for an aggregate value of $1 million. 00:00:47.802 -- 00:00:49.802 On 00:00:51.267 -- 00:00:54.942 a relative basis, we see macro conditions stabilizing. 00:00:54.942 -- 00:00:59.367 and their end markets and operations have generally followed the trajectory we expected 00:00:59.367 -- 00:01:01.089 this year. 00:01:01.089 -- 00:01:06.034 Lithium demand continues to grow strongly, with estimated global lithium consumption 00:01:06.034 -- 00:01:08.657 up about 35% year-to-date, 00:01:08.657 -- 00:01:13.880 including strong volume in stationary storage and EVs. 00:01:14.683 -- 00:01:19.108 We continue to expect the direct impacts of tariffs announced since April to be minimal 00:01:19.108 -- 00:01:20.749 in our enterprise, 00:01:20.749 -- 00:01:24.541 thanks to the exemptions and our global footprint. 00:01:24.541 -- 00:01:29.508 And finally, in the Middle East, our operations in Jordan ...