Sociedad Quimica y Minera de Chile S.A (SQM) Targets 5% Layoffs in Chile as Lithium Prices Slump

Sociedad Química y Minera de Chile SA (NYSE:SQM) is one of the best chemical stocks to buy, according to billionaires. On June 25, the company commenced a series of layoffs targeting 5% of its workforce in Chile in response to a slump in global prices for battery metals.

The layoffs in the lithium and fertilizer units are not expected to affect the company’s core operations or production guidance. The company has already confirmed that 25% to 30% of the layoffs will affect general roles, and the rest will affect supervisors in Chile.

The layoffs come on the heels of Sociedad Química y Minera de Chile S.A.’s first-quarter results, which missed estimates. The company has already warned that weak prices would persist through the first half of the year. Lithium prices have already plunged by 90% from the 2022 peak.

Sociedad Química y Minera de Chile SA (NYSE:SQM) is a Chilean chemical and mining company that produces and commercializes lithium, iodine, potassium, and specialty fertilizers. Its products are used in various industries, including batteries, pharmaceuticals, agriculture, and industrial applications.

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Disclosure: None. This article is originally published at Insider Monkey.