Why did Alcoa move to Iceland?

Why did Alcoa move to Iceland?

Alcoa, formerly the Aluminum Company of America, and another American company, Century Aluminum, have opened factories like this in Iceland, and closed factories in the United States, for a simple reason: Electricity is much cheaper here. This year, tiny Iceland is on pace to make more aluminum than the United States.

Why was Alcoa shut down?

Alcoa says a comprehensive review of the 50-year-old smelter says it has no prospect of becoming financially viable. The company is closing the rolling mills because of excess capacity.

Why does Iceland smelt aluminium?

As much of the world’s bauxite is refined into alumina in other countries, Iceland smelts solely the alumina into aluminium rectifying the problem of red mud waste on Icelandic ground.

Where are the aluminum smelters in Iceland?

REYDARFJORDAR, Iceland (Reuters) – Iceland’s biggest and newest aluminium smelter, Alcoa Fjardaal, pumped out its first hot metal at the weekend, riling critics who fear it will damage the environment.

How does Iceland make money?

The pillars of the Icelandic economy are aluminum smelting, fishing, and tourism. Iceland’s main material exports are aluminum products and fish products, and main service exports are tourism related services.

How many aluminium smelters are there in Iceland?

three aluminium smelters
There are currently three aluminium smelters in Iceland. Together, they use 80% of the energy produced in the country and their profit account for 60 billion ISK a year (USD 500 million).

What is Iceland’s largest export?

Exports The top exports of Iceland are Raw Aluminium ($1.74B), Fish Fillets ($984M), Non-fillet Fresh Fish ($336M), Non-fillet Frozen Fish ($283M), and Processed Fish ($264M), exporting mostly to Netherlands ($931M), Spain ($796M), United Kingdom ($517M), Germany ($460M), and United States ($372M).

Where does Iceland get its aluminum?

The smelting companies import bauxite, the raw material for aluminum, from countries including the U.S., Ireland and Australia; bauxite is not mined in Iceland itself.

Are there any aluminum smelters in the US?

Currently there is only one operating U.S. smelter capable of producing high-purity aluminum required for military and aerospace applications—and it is the only one in a NATO country.

What is a good salary in Iceland?

The average salary of 410,000 ISK per month (approximately 3300 USD) puts Iceland’s figures among the highest salaries in Europe. Even if the cost of living in the country is high, the purchase power still makes of Iceland an attractive place to be an employee.

What is the biggest company in Iceland?

Reykjavikurborg
TOP 10 Companies by Number of Employees in Iceland 114,636 registered companies

Why is Iceland so rich?

Tourism, exports and investment have driven Iceland’s GDP growth, according to the IMF. The IMF also predicts that the growth of the country’s tourism industry is also expected to be long-lasting.