Fishing is the main industry in Iceland, followed closely by tourism. Iceland has chosen not to join the European Union as they wish to be free of EU regulations that could effect catch quotas, prices, and types of fish and whales caught. While there my son and I ate Minke Whale meat and it was very tasty ... and very expensive. A small serving (about 1-2 ounces) cost 4400 kroner (about $44!). Iceland also is home to aluminum smelters powered by thermal steam and heat. The borax is shipped from Australia and smelted in Iceland because the power is so inexpensive. There are three aluminum smelters in Iceland, in Reyðarfjörður, East Iceland, owned by Alcoa, on Grundartangi near Akranes, West Iceland, owned by Norðurál Century Aluminum and in Straumsvík near Hafnarfjörður, Southwest Iceland, owned by Rio Tinto Alcan Iceland.