Exhibit 99.1

Albemarle Reports Second Consecutive Record Quarter

BATON ROUGE, LA - July 21, 2011 –

Second quarter 2011 highlights:

Albemarle Corporation (NYSE: ALB) reported second quarter 2011 earnings of $114.2 million, or $1.23 per share, compared to second quarter 2010 earnings of $81.8 million, or 89 cents per share. The Company reported net sales of $742.1 million in the second quarter of 2011 compared to net sales of $592.5 million in the second quarter of 2010.

Earnings for the first half of 2011 were $220.7 million, or $2.38 per share, compared to $145.1 million, or $1.57 per share, for the first half of 2010. Excluding the $7.0 million ($4.6 million after tax, or 5 cents per share) charge for restructuring costs in the first quarter of 2010, earnings for the first half of 2010 were $149.7 million, or $1.62 per share. Net sales for the first half of 2011 were $1.44 billion compared to $1.17 billion for the first half of 2010.

Commenting on results, Mark C. Rohr, Chairman and CEO, stated, “We are pleased to report record sales and earnings for the second consecutive quarter driven by stronger volume and pricing trends. Robust business demand helped establish new earnings records for Fine Chemistry and Polymer Solutions. Catalysts volumes are

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showing signs of continued strengthening as we enter the second half of 2011. Overall, while we will remain alert to any indications of slower global growth going forward, we are optimistic about our prospects for the second half of the year.”

Quarterly Segment Results

Polymer Solutions delivered net sales of $290.5 million in the second quarter of 2011, a 23 percent increase over net sales in the second quarter of 2010, due mainly to favorable pricing. Segment income for Polymer Solutions was $77.2 million in the second quarter of 2011, a 64 percent increase from $47.0 million in the second quarter of 2010. This increase was due primarily to favorable pricing, partly offset by higher variable input costs and higher charges attributable to noncontrolling interests.

Catalysts generated net sales of $266.9 million in the second quarter of 2011, a 24 percent increase over net sales in the second quarter of 2010, due mainly to favorable pricing and higher volumes. Catalysts segment income was $65.6 million in the second quarter of 2011, roughly flat with second quarter of 2010 results of $66.2 million. Catalysts segment income for the second quarter of 2011 was favorably impacted primarily by higher pricing and higher equity income while offset mainly by higher variable input costs versus the second quarter of 2010.

Fine Chemistry net sales in the second quarter of 2011 were $184.8 million, a 31 percent increase over net sales in the second quarter of 2010, due mainly to favorable pricing and higher volumes. Segment income for Fine Chemistry was $37.4 million for the second quarter of 2011, more than double second quarter 2010 results of $17.5 million. This improvement in segment income was due primarily to the favorable sales gains noted above, partly offset by higher variable input costs and higher charges attributable to noncontrolling interests.

Corporate and Other

Corporate and other expense was $25.8 million for the second quarter of 2011. The increase over the comparable period in 2010 was due mainly to higher personnel-related costs.

Interest and financing expenses increased to $9.3 million for the second quarter of 2011 compared to $6.0 million for the second quarter of 2010, primarily due to higher average interest rates on outstanding borrowings during the 2011 period.

Our second quarter 2011 effective income tax rate was 21.7 percent versus 24.4 percent in the second quarter of 2010. The full year 2011 effective tax rate is expected to be 22.9 percent. Our effective tax rate continues to be influenced by the level and geographic mix of income and benefits from a favorable mix of income in lower tax jurisdictions.

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Cash Flow

Our cash flow from operations was approximately $146 million for the six months ended June 30, 2011, and we had $490.7 million in cash and cash equivalents at June 30, 2011. In the first half of 2011, cash on hand and cash provided by operations funded capital expenditures for plant, machinery and equipment of $67.6 million (versus $33.9 million in the first half of 2010) and dividends to shareholders of $28.0 million. Additionally, we made repayments of long-term debt of $105.2 million and pension and postretirement contributions of $55.8 million during the first half of 2011.

Outlook

Our outlook for the second half of 2011 remains positive while we continue to monitor global economic developments for any signs of slower growth. We expect some typical seasonal contraction and potential volume softness in the fourth quarter; however, we believe our continued focus on innovative product development, operational excellence and cost control programs positions us well to deliver solid financial performance for the remainder of the year.

Earnings Call

The Company’s performance for the second quarter ended June 30, 2011 will be discussed on a conference call at 10:00 AM Eastern Daylight time on July 22, 2011. The call can be accessed by dialing 800-706-7749 (International Dial In # 617-614-3474), and entering conference ID 88315326. The Company’s earnings presentation and supporting material can be accessed through Albemarle’s website under Investors at www.albemarle.com.

About Albemarle

Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading global developer, manufacturer and marketer of highly-engineered specialty chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, automotive/transportation, pharmaceuticals, crop protection, food-safety and custom chemistry services. Albemarle is committed to global sustainability and is continuing to advance its eco-practices and solutions in its three business segments, Polymer Solutions, Catalysts and Fine Chemistry, with Corporate Responsibility Magazine naming Albemarle among its prestigious “100 Best Corporate Citizens” list for 2011. Albemarle employs approximately 4,000 people and serves customers in approximately 100 countries. Albemarle regularly posts information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, Regulation G reconciliations, SEC filings and other information regarding the Company, its businesses and markets served.

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Forward-Looking Statements

Some of the information presented in this press release, including, without limitation, statements with respect to product development, improvements in productivity, market trends, price and mix changes, expected growth, outlook and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ from expectations include, without limitation: changes in economic and business conditions; changes in financial and operating performance of our major customers and industries and markets served by us; the timing of orders received from customers; the gain or loss of significant customers; competition from other manufacturers; changes in the demand for our products; limitations or prohibitions on the manufacture and sale of our products; availability of raw materials; changes in the cost of raw materials and energy and in our ability to pass through increases; acquisitions and divestitures, and changes in performance of acquired companies; fluctuations in foreign currencies; changes in laws and government regulation of our operations or our products; the occurrence of claims or litigation; the occurrence of natural disasters; the inability to maintain current levels of product or premises liability insurance or the denial of such coverage; political unrest, including terrorism or hostilities; political instability affecting our manufacturing operations or joint ventures; changes in accounting standards; the inability to achieve results from our global manufacturing cost reduction initiatives as well as our ongoing continuous improvement and rationalization programs; changes in the jurisdictional mix of our earnings; changes in monetary policies or inflation or interest rates, which may impact our ability to raise capital or increase our cost of funds, the performance of our pension fund investments and our pension expense and funding obligations; volatility and substantial uncertainties in the debt and equity markets; technology or intellectual property infringement and other risks; decisions we may make in the future; and the other factors detailed from time to time in the reports we file with the SEC, including those described under “Risk Factors” in our Annual Report on Form 10-K and our 2011 Quarterly Reports on Form 10-Q.

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Albemarle Corporation and Subsidiaries

Consolidated Statements of Income

(In Thousands Except Per Share Amounts) (Unaudited)

See accompanying notes to the condensed consolidated financial information.

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Albemarle Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands) (Unaudited)

See accompanying notes to the condensed consolidated financial information.

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Albemarle Corporation and Subsidiaries

Selected Consolidated Cash Flow Data

(In Thousands) (Unaudited)

See accompanying notes to the condensed consolidated financial information.

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Albemarle Corporation and Subsidiaries

Consolidated Summary of Segment Results

(In Thousands) (Unaudited)

See accompanying notes to the condensed consolidated financial information.

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Notes to the Condensed Consolidated Financial Information

Additional Information

It should be noted that earnings, earnings per share and effective income tax rates which exclude special items, as well as presentations of segment operating profit, segment income, EBITDA, EBITDA excluding special items, EBITDA margin and EBITDA margin excluding special items are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States, or GAAP. These measures are presented here to provide additional useful measurements to review our operations, provide transparency to investors and enable period-to-period comparability of financial performance.

A description of other non-GAAP financial measures that we use to evaluate our operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, can be found in the Investors section of our website at www.albemarle.com, under “Non-GAAP Reconciliations” under “Financials.” Also, see attached for a supplemental reconciliation of our segment operating profit and segment income amounts to GAAP Operating profit and GAAP Net income attributable to Albemarle Corporation, respectively, as well as for a supplemental reconciliation of our GAAP Net income attributable to Albemarle Corporation to EBITDA and EBITDA excluding special items.

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ALBEMARLE CORPORATION AND SUBSIDIARIES

Non-GAAP Reconciliation

(In Thousands)

(Unaudited)

Our segment information includes measures we refer to as “segment operating profit,” “segment income,” “EBITDA” and “EBITDA excluding special items,” which are financial measures that are not required by, or presented in accordance with, GAAP. The Company has reported segment operating profit, segment income, EBITDA and EBITDA excluding special items because management believes that these financial measures provide transparency to investors and enable period-to-period comparability of financial performance. Segment operating profit, segment income, EBITDA and EBITDA excluding special items should not be considered as alternatives to operating profit or net income attributable to Albemarle Corporation, as determined in accordance with GAAP.

See below for a reconciliation of segment operating profit and segment income, the non-GAAP financial measures, to operating profit and net income attributable to Albemarle Corporation, respectively, the most directly comparable financial measures calculated and reported in accordance with GAAP.

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See below for a reconciliation of EBITDA and EBITDA excluding special items, the non-GAAP financial measures, from net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP. EBITDA is defined as Net income attributable to Albemarle Corporation before interest and financing expenses, income taxes, depreciation and amortization. EBITDA excluding special items is defined as EBITDA before the special item as listed below.

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