Albemarle (NYSE:ALB) -1.4% pre-market Thursday after reporting a much larger than expected Q3 adjusted loss, as lithium prices fell 71% from a year ago.

Q3 swung to a net loss of $1.11B, or $9.45/share, from a net profit of $302.5M, or $2.57/share, in the year-earlier quarter, while revenues fell more than $1B to $1.35B, even as volumes of lithium sold rose from prior-year levels.

Albemarle (ALB) said it plans to cut its global workforce by 6%-7%, affecting ~15% of its non-manufacturing workforce, as part of efforts to save $300M-$400M annually, following measures rolled out earlier this year that saved $100M.

For the full year, Albemarle (ALB) forecast net sales at the low end of $5.5B-$6.2B guidance.

The company also cut its 2025 capital spending plans in half from 2024 levels to the $800M-$900M range, with most going to "sustaining existing assets and resources and the remainder allocated to select growth projects and high-return, quick payback improvements."

"We do think the price is going to be lower for longer," CEO Kent Masters told Reuters, saying Albemarle (ALB) is making business decisions on the assumption that lithium prices stay in their current range of $12-$15/kg for the foreseeable future."We're positioning the company to compete at that level."

"We work on both sides of the aisle," Masters said when asked about the U.S. election results. "The energy transition is happening. It's a global dynamic. We'll have to see what Trump does."