[retrac]

> so their pricing was not relevant in the global context

There are other sinks for cheap electricity in an industrial economy. Aluminum is a common one, as the main extraction is an electrochemical process. Canada is the 4th largest producer and Iceland (!) 11th.

[Lol_80005]

Competitive and relevant Aluminum smelting requires massive economies of scale, an initial capital outlay, and a supply chain. A competitive smelter might require a billion dollars and a few years to build. And you have to negotiate a regular stream of bauxite ore, materials, etc. It's not an easy or quick arbitrage.