Andri Snær Magnason refutes the Icelandic Association of Aluminium Producers’ claims that aluminium and heavy industries create a lot of jobs, Mbl reports.
Andri believes Samál, the Icelandic Association of Aluminium Producers, is falsely attributing the jobs created to its industries. From 2011 to 2013, 5,800 jobs were created in the fishing, travel and innovation industries, Andri says, and Samál’s claim of creating 4,500 jobs through The Directorate of Labour is incorrect. The number of jobs created during that period, according to Andri is closer to 500.
Samál claimed that Icelandic Bloomberg employee Guðbjört Gylfadóttir did not understand the data available when she said aluminum was an unsafe investment for Iceland. On the contrary, Samál insists that aluminium and heavy industries were good investments for Iceland.
Moody’s Investors Service recently downgraded Alcoa Inc.’s credit rating to one level below investment grade, the grade collectively called the “junk rating,” Bloomberg reports. This downgrade follows declining aluminium prices and decreased demand. Alcoa is the United States’ largest aluminium producer and has smelters in Iceland.