Primary aluminium is the most significant power-consuming industries in Iceland. There are currently three aluminium smelters in operation with a total capacity of over 800,000 mtpy, which puts Iceland at the 11th position among aluminium-producing countries worldwide.
The three aluminium smelters in Iceland are in Reyðarfjörður, East Iceland, owned by Alcoa, on Grundartangi near Akranes, West Iceland, owned by Norðurál , a wholly owned subsidiary of U.S.-based Century Aluminum and in Straumsvík near Hafnarfjörður, Southwest Iceland, owned by Rio Tinto Iceland.
Iceland’s three smelters contributed 38%of the $15.6 billion economy’s total exports in 2015. The smelters tap cheap power from the north Atlantic island’s vast stores of geothermal and hydro-power. They have secure power supply contracts that helped them stay profitable over the years.
The aluminium industry in Iceland is highly export-driven. The most recent exports are led by Raw Aluminium which represents 38% of the total exports of Iceland, followed by Fish Fillets, which account for 17%. 
In the year 2014, the total aluminium export by Iceland was 9,76,652 tons. In 2015, the export dropped to 5, 56,512 tons as the LME aluminium price dropped and export became unprofitable. The total value of aluminium export was USD 1.5 billion and USD 1 billion respectively. In the year 2016, the export amount is estimated to be about 8,39,620 tons registering an increase. The value of export is estimated to stand at USD 1.3 billion in 2016.
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For the first eight months of 2017, the aluminium export by Iceland is estimated to be about 5,19,540 tons and the value of export is estimated to be about USD 919 million.
Most of Iceland's aluminium exports go to the European Union (EU) and European Free Trade Association (EFTA) countries including Netherland, Germany, Czech Republic and United Kingdom.
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