UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No.)*

                              ALBEMARLE CORPORATION
                              ---------------------
                                (Name of Issuer)

                          Common Stock, $0.01 Par Value
                          -----------------------------
                         (Title of Class of Securities)

                                    012653101
                                    ---------
                                 (CUSIP Number)

                                January 25, 2008
                                ----------------
                      (Date of Event which Requires Filing
                               of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                  [ ]      Rule 13d-1(b)
                  [X]      Rule 13d-1(c)
                  [ ]      Rule 13d-1(d)



  *The remainder of this cover page shall be filled out for a reporting person's
  initial filing on this form with respect to the subject class of securities,
  and for any subsequent amendment containing information which would alter the
  disclosures provided in a prior cover page.

  The information required on the remainder of this cover page shall not be
  deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
  Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
  the Act but shall be subject to all other provisions of the Act (however, see
  the Notes).


                                  Page 1 of 11


<PAGE>



----------------------------                                --------------------
CUSIP No. 012653101                        13G              Page 2 of 11 Pages
----------------------------                                --------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           S.A.C. Capital Advisors, LLC
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
---------- ---------------------------------------------------------------------
        3  SEC USE ONLY
---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ----------------------------------------------------
                        5  SOLE VOTING POWER

                           0
                      ----- ----------------------------------------------------
                         6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          4,370,561 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH              7  SOLE DISPOSITIVE POWER

                            0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            4,370,561 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           4,370,561 (see Item 4)
---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           4.6% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           00
---------- ---------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT

                                  Page 2 of 11


<PAGE>



----------------------------                                --------------------
CUSIP No. 012653101                        13G              Page 3 of 11 Pages
----------------------------                                --------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           S.A.C. Capital Management, LLC
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
---------- ---------------------------------------------------------------------
        3  SEC USE ONLY
---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ----------------------------------------------------
                        5  SOLE VOTING POWER

                           0
                      ----- ----------------------------------------------------
                         6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          4,370,561 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH              7  SOLE DISPOSITIVE POWER

                            0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            4,370,561 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           4,370,561 (see Item 4)
---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           4.6% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           00
---------- ---------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT

                                  Page 3 of 11


<PAGE>



----------------------------                                --------------------
CUSIP No. 012653101                        13G              Page 4 of 11 Pages
----------------------------                                --------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           CR Intrinsic Investors, LLC
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
---------- ---------------------------------------------------------------------
        3  SEC USE ONLY
---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ----------------------------------------------------
                         5  SOLE VOTING POWER

                            0
                      ----- ----------------------------------------------------
                         6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          400,000 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH              7  SOLE DISPOSITIVE POWER

                            0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            400,000 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           400,000 (see Item 4)
---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           0.4% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           00
---------- ---------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT

                                  Page 4 of 11


<PAGE>

----------------------------                                --------------------
CUSIP No. 012653101                        13G              Page 5 of 11 Pages
----------------------------                                --------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Sigma Capital Management, LLC
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
---------- ---------------------------------------------------------------------
        3  SEC USE ONLY
---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ----------------------------------------------------
                         5  SOLE VOTING POWER

                            0
                      ----- ----------------------------------------------------
                         6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          90,000 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH              7  SOLE DISPOSITIVE POWER

                            0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            90,000 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           90,000 (see Item 4)
---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           Less than 0.1% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           00
---------- ---------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT

                                  Page 5 of 11


<PAGE>

----------------------------                                --------------------
CUSIP No. 012653101                        13G              Page 6 of 11 Pages
----------------------------                                --------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Steven A. Cohen
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
---------- ---------------------------------------------------------------------
        3  SEC USE ONLY
---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           United States
--------------------- ----- ----------------------------------------------------
                         5  SOLE VOTING POWER

                            0
                      ----- ----------------------------------------------------
                         6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          4,860,561 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH              7  SOLE DISPOSITIVE POWER

                            0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            4,860,561 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           4,860,561 (see Item 4)
---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           5.1% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           IN
---------- ---------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT

                                  Page 6 of 11


<PAGE>


Item 1(a)           Name of Issuer:
                    --------------

                    Albemarle Corporation

Item 1(b)           Address of Issuer's Principal Executive Offices:
                    -----------------------------------------------

                    330 South Fourth Street, Richmond, Virginia 23219

Items 2(a)          Name of Person Filing:
                    ---------------------

                    This statement is filed by: (i) S.A.C. Capital Advisors, LLC
                    ("SAC Capital Advisors") with respect to shares of common
                    stock, $0.01 par value ("Shares"), of the Issuer
                    beneficially owned by S.A.C. Capital Associates, LLC ("SAC
                    Capital Associates") and S.A.C. Select Fund, LLC ("SAC
                    Select Fund"); (ii) S.A.C. Capital Management, LLC ("SAC
                    Capital Management") with respect to Shares beneficially
                    owned by SAC Capital Associates and SAC Select Fund; (iii)
                    CR Intrinsic Investors, LLC ("CR Intrinsic Investors") with
                    respect to Shares beneficially owned by CR Intrinsic
                    Investments, LLC ("CR Intrinsic Investments"); (iv) Sigma
                    Capital Management, LLC ("Sigma Management") with respect to
                    shares beneficially owned by Sigma Capital Associates, LLC
                    ("Sigma Capital Associates"); and (v) Steven A. Cohen with
                    respect to Shares beneficially owned by SAC Capital
                    Advisors, SAC Capital Management, SAC Capital Associates,
                    SAC Select Fund, CR Intrinsic Investors, CR Intrinsic
                    Investments, Sigma Management and Sigma Capital Associates.

                    SAC Capital Advisors, SAC Capital Management, CR Intrinsic
                    Investors, Sigma Management and Steven A. Cohen have entered
                    into a Joint Filing Agreement, a copy of which is filed with
                    this Schedule 13G as Exhibit 99.1, pursuant to which they
                    have agreed to file this Schedule 13G jointly in accordance
                    with the provisions of Rule 13d-1(k) of the Securities
                    Exchange Act of 1934, as amended.

Item 2(b)           Address of Principal Business Office:
                    ------------------------------------

                    The address of the principal business office of (i) SAC
                    Capital Advisors, CR Intrinsic Investors and Mr. Cohen is 72
                    Cummings Point Road, Stamford, Connecticut 06902, and (ii)
                    SAC Capital Management and Sigma Management is 540 Madison
                    Avenue, New York, New York 10022.

Item 2(c)           Citizenship:
                    -----------

                    SAC Capital Advisors, SAC Capital Management, CR Intrinsic
                    Investors and Sigma Management are Delaware limited
                    liability companies. Mr. Cohen is a United States citizen.

Item 2(d)           Title of Class of Securities:
                    ----------------------------

                    Common Stock, $0.01 par value

                                  Page 7 of 11

<PAGE>

Item 2(e)           CUSIP Number:
                    ------------

                    12653101

Item 3              Not Applicable

Item 4              Ownership:
                    ---------

                    The percentages used herein are calculated based upon the
                    Shares issued and outstanding as of November 1, 2007 as
                    reported on the Issuer's quarterly report on Form 10-Q filed
                    with the Securities and Exchange Commission for the
                    quarterly period ended September 30, 2007.

                    As of the close of business on January 29, 2008:

                    1. S.A.C. Capital Advisors, LLC
                    (a) Amount beneficially owned: 4,370,561
                    (b) Percent of class: 4.6%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 4,370,561
                    (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                         4,370,561

                    2. S.A.C. Capital Management, LLC
                    (a) Amount beneficially owned: 4,370,561
                    (b) Percent of class: 4.6%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 4,370,561
                    (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                         4,370,561

                    3. CR Intrinsic Investors, LLC
                    (a) Amount beneficially owned: 400,000
                    (b) Percent of class: 0.4%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 400,000
                    (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                         400,000

                    4. Sigma Capital Management, LLC
                    (a) Amount beneficially owned: 90,000
                    (b) Percent of class: less than 0.1%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 90,000
                    (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                         90,000

                                  Page 8 of 11

<PAGE>

                    5. Steven A. Cohen
                    (a) Amount beneficially owned: 4,860,561
                    (b) Percent of class: 5.1%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 4,860,561
                    (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                         4,860,561

                    SAC Capital Advisors, SAC Capital Management, CR Intrinsic
                    Investors, Sigma Management and Mr. Cohen own directly no
                    Shares. Pursuant to investment management agreements, each
                    of SAC Capital Advisors and SAC Capital Management share all
                    investment and voting power with respect to the securities
                    held by SAC Capital Associates and SAC Select Fund. Pursuant
                    to an investment management agreement, CR Intrinsic
                    Investors maintains investment and voting power with respect
                    to the securities held by CR Intrinsic Investments. Pursuant
                    to an investment management agreement, Sigma Management
                    maintains investment and voting power with respect to the
                    securities held by Sigma Capital Associates. Mr. Cohen
                    controls each of SAC Capital Advisors, SAC Capital
                    Management, CR Intrinsic Investors and Sigma Management. CR
                    Intrinsic Investments is a wholly owned subsidiary of SAC
                    Capital Associates. By reason of the provisions of Rule
                    13d-3 of the Securities Exchange Act of 1934, as amended,
                    each of (i) SAC Capital Advisors, SAC Capital Management and
                    Mr. Cohen may be deemed to own beneficially 4,370,561 Shares
                    (constituting approximately 4.6% of the Shares outstanding),
                    (ii) CR Intrinsic Investors and Mr. Cohen may be deemed to
                    own beneficially 400,000 Shares (constituting approximately
                    0.4% of the Shares outstanding), and (iii) Sigma Management
                    and Mr. Cohen may be deemed to own beneficially 90,000
                    shares (constituting less than 0.1% of the Shares
                    outstanding). Each of SAC Capital Advisors, SAC Capital
                    Management, CR Intrinsic Investors, Sigma Management and Mr.
                    Cohen disclaim beneficial ownership of any of the securities
                    covered by this statement, and SAC Capital Associates
                    disclaims beneficial ownership of any securities held by CR
                    Intrinsic Investments.

Item 5              Ownership of Five Percent or Less of a Class:
                    --------------------------------------------

                    If this statement is being filed to report the fact that as
                    of the date hereof the reporting person has ceased to be the
                    beneficial owner of more than five percent of the class of
                    securities, check the following.   [ ]

Item 6              Ownership of More than Five Percent on Behalf of Another
                    --------------------------------------------------------
                    Person:
                    ------

                    Not Applicable

                                  Page 9 of 11

<PAGE>

Item 7              Identification and Classification of the
                    ----------------------------------------
                    Subsidiary Which Acquired the Security Being
                    --------------------------------------------
                    Reported on By the Parent Holding Company:
                    -----------------------------------------

                    Not Applicable

Item 8              Identification and Classification of Members 
                    -------------------------------------------- 
                    of the Group:
                    ------------

                    Not Applicable

Item 9              Notice of Dissolution of Group:
                    ------------------------------

                    Not Applicable

Item 10             Certification:
                    -------------

     By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.

                                 Page 10 of 11

<PAGE>


                                    SIGNATURE
                                    ---------

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated: January 31, 2008

S.A.C. CAPITAL ADVISORS, LLC


By:     /s/ Peter Nussbaum
        -------------------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


S.A.C. CAPITAL MANAGEMENT, LLC


By:     /s/ Peter Nussbaum
        -------------------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


CR INTRINSIC INVESTORS, LLC


By:     /s/ Peter Nussbaum
        -------------------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


SIGMA CAPITAL MANAGEMENT, LLC


By:     /s/ Peter Nussbaum
        -------------------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


STEVEN A. COHEN


By:     /s/ Peter Nussbaum
        -------------------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person

                                 Page 11 of 11

<PAGE>





                                                                    Exhibit 99.1

                             JOINT FILING AGREEMENT

The undersigned hereby agree that the foregoing statement on Schedule 13G is
filed on behalf of each of the undersigned in accordance with the provisions of
Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, and that
all subsequent amendments to this statement on Schedule 13G may be filed on
behalf of each of the undersigned without the necessity of filing additional
joint filing agreements.

Dated: January 31, 2008

S.A.C. CAPITAL ADVISORS, LLC


By:     /s/ Peter Nussbaum
        -------------------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


S.A.C. CAPITAL MANAGEMENT, LLC


By:     /s/ Peter Nussbaum
        -------------------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


CR INTRINSIC INVESTORS, LLC


By:     /s/ Peter Nussbaum
        -------------------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


SIGMA CAPITAL MANAGEMENT, LLC


By:     /s/ Peter Nussbaum
        -------------------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


STEVEN A. COHEN


By:     /s/ Peter Nussbaum
        -------------------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person