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(Reuters) - Albemarle, the world's largest lithium producer, said on Thursday it lost more than $1 billion in the third quarter and that it would slash its capital budget amid a 71% drop in prices for the electric vehicle battery metal.
The Charlotte, North Carolina-based company reported a net loss of $1.11 billion, or $9.45 per share, compared to a net profit of $302.5 million, or $2.57 per share, in the year-ago quarter.
(Reporting by Ernest Scheyder; Editing by Chris Reese)
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| 39,072.40PTS | -0.76% | +2.31% | - | ||
| 104.96USD | +3.82% | -2.80% | 11.88B | ||
