On march 5th, 2003, Iceland's Parliament approved the construction of the world's largest hydro-powered aluminum smelter project, Alcoa's Fjarðaál ("aluminum of the fjords"). Designed and built by Canadian giant Alcoa, the plant is purported to be one of the most environmentally friendly yet productive aluminum facilities in the world. It will have an annual capacity of 322,000 metric tons and is expected to cost $1.1 billion upon completion.