With the development of hydropower in southern Norway, the city gradually developed an industrial base, particularly with the establishment in 1910 of the nickel refinery Kristiansands Nikkelraffineringsverk AS (later Falconbridge Nikkelverk, now Glencore Nikkelverk). From an economic perspective, the First World War was a good time for Kristiansand, as a neutral shipping city. The crises that followed with the gold standard politics of the 1920s and the world economic crisis of the 1930s were also deeply felt in a trading city like Kristiansand.