Lithium major Albemarle Corp. is targeting revenue of between US$4.4 billion and US$5.0 billion in 2024, with adjusted EBITDA of US$1.5 billion to US$1.8 billion, and free cash flow between US$800 million and US$1.0 billion.

According to the Dec. 12 release, the company expects to have US$100 million sustainable run-rate savings by 2021 as part of its cost reduction initiatives.

President and CEO Luke Kissam said annual lithium production capacity in 2024 is expected to more than double to 225,000 tonnes, Reuters reported the same day.

Kissam noted that the company is set to fulfill global demand for lithium, fueled by electric vehicles, for the next 10 to 15 years. Despite current oversupply in the sector, the CEO said the "demand outlook for lithium remains robust," according to Reuters.

Albemarle is targeting an increase in lithium conversion capacity to 165,000 tonnes by 2021, from 30,000 tonnes in 2016. Capacity in 2019 is estimated at 85,000 tonnes, according to a company presentation.

The company noted that it is on track to achieve most of its 2021 targets, outlined in 2017, including revenue of US$3.75 billion and adjusted EBITDA of US$1.2 billion.

Revenue in 2019 is expected at US$3.6 billion to US$3.7 billion and adjusted EBITDA at US$1.02 billion to US$1.06 billion.

Kissam said in November that the company's 2020 EBITDA performance could be lower than full-year 2019 results "by around 10%."

The company's third-quarter attributable net profit grew 19.5% yearly to US$155.1 million, or US$1.46 per share, in line with expectations.