(Reuters) – Albemarle, the world’s largest producer of lithium, said on Wednesday it swung to a quarterly profit as cost cuts helped offset plunging prices for the metal used to make electric vehicle batteries.

The company posted a profit for the fourth quarter ended December 31 of $33.6 million, or 29 cents per share, compared to a quarterly loss of $617.7 million, or $5.26 per share, in the year-ago period.

(Reporting by Ernest Scheyder; Editing by Chris Reese)