Nov 4 (Reuters) - Lithium producer Livent Corp on Thursday missed estimates for third-quarter profit, and said global supply chain disruptions along with steep costs offset stronger realized prices for the electric vehicle battery metal.

Livent's shares dropped 5.9% to $29.10 in extended trade, after hitting a record high during the day, as total costs rose 16.3% to $99.8 million and pushed it to a wider net loss of $12.6 million.

Businesses across the globe are grappling with port logjams, freight costs and parts shortages that have forced many to idle production, hit earnings and added to this year's rise in inflation.

Livent said it expects near-term supply challenges and higher production costs, particularly in China, a crucial link in lithium supply chains given the extent of its battery cathode and conversion capacity.

The miner still boosted its revenue and adjusted core earnings forecasts for the year, as it expects a stronger fourth quarter and higher realized prices thanks to solid demand for the electric-vehicle battery metal.

Rival Albemarle Corp also raised its 2021 sales forecast on Wednesday.

Lithium ion batteries are expected to be a dominant battery chemistry, especially in transportation, as the world moves to meet stringent targets for cutting carbon emissions.

Livent forecast full-year revenue between $390 million and $410 million, compared with $370 million to $390 million earlier.

It expects annual adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of between $62 million and $72 million, compared with a prior outlook of $55 million to $70 million.

On an adjusted basis, it posted a third-quarter profit of 3 cents per share, missing estimates of 4 cents per share, according to Refinitiv IBES.

Revenue rose 42.7% to $103.6 million, beating estimates of $96.12 million.

(Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath)