<SEC-DOCUMENT>0000950103-24-005681.txt : 20240424
<SEC-HEADER>0000950103-24-005681.hdr.sgml : 20240424
<ACCEPTANCE-DATETIME>20240424161926
ACCESSION NUMBER:		0000950103-24-005681
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240424
DATE AS OF CHANGE:		20240424

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alcoa Corp
		CENTRAL INDEX KEY:			0001675149
		STANDARD INDUSTRIAL CLASSIFICATION:	PRIMARY PRODUCTION OF ALUMINUM [3334]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				811789115
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37816
		FILM NUMBER:		24870853

	BUSINESS ADDRESS:	
		STREET 1:		201 ISABELLA STREET
		STREET 2:		SUITE 500
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212
		BUSINESS PHONE:		412-315-2900

	MAIL ADDRESS:	
		STREET 1:		201 ISABELLA STREET
		STREET 2:		SUITE 500
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Alcoa Upstream Corp
		DATE OF NAME CHANGE:	20160520
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>dp210246_defa14a.htm
<DESCRIPTION>FORM DEFA14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Rule 14a-101)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No.&#8239;&#8239;&#8239;&#8239; )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center">ALCOA CORPORATION</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified in Its Charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials:</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Amount previously paid:</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alcoa Corporation (&ldquo;Alcoa&rdquo;)
expects to file a preliminary proxy statement with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to be used to solicit
proxies to approve the issuance of shares of common stock of Alcoa in connection with a proposed transaction to acquire all of the shares
of Alumina Limited (&ldquo;Alumina&rdquo;) in an all-stock transaction (the &ldquo;Transaction&rdquo;) at a special meeting of its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Item 1: On April 24, 2024,
Alcoa held a town hall with employees (the &ldquo;Town Hall&rdquo;). Excerpts from the transcript of the Town Hall that referenced the
Transaction are filed herewith as Exhibit 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Caution Concerning Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This communication contains statements that relate
to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include those containing such words as &ldquo;aims,&rdquo; &ldquo;ambition,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;believes,&rdquo; &ldquo;could,&rdquo; &ldquo;develop,&rdquo; &ldquo;endeavors,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo;
&ldquo;forecasts,&rdquo; &ldquo;goal,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo; &ldquo;outlook,&rdquo; &ldquo;potential,&rdquo;
&ldquo;plans,&rdquo; &ldquo;projects,&rdquo; &ldquo;reach,&rdquo; &ldquo;seeks,&rdquo; &ldquo;sees,&rdquo; &ldquo;should,&rdquo; &ldquo;strive,&rdquo;
&ldquo;targets,&rdquo; &ldquo;will,&rdquo; &ldquo;working,&rdquo; &ldquo;would,&rdquo; or other words of similar meaning. All statements
by Alcoa Corporation (&ldquo;Alcoa&rdquo;) that reflect expectations, assumptions or projections about the future, other than statements
of historical fact, are forward-looking statements, including, without limitation, statements regarding the proposed transaction; the
ability of the parties to complete the proposed transaction; the expected benefits of the proposed transaction, the competitive ability
and position following completion of the proposed transaction; forecasts concerning global demand growth for bauxite, alumina, and aluminum,
and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including
our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and
business and financial prospects; and statements about capital allocation and return of capital. These statements reflect beliefs and
assumptions that are based on Alcoa&rsquo;s perception of historical trends, current conditions, and expected future developments, as
well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of
future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict.
Although Alcoa believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can
give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated
by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited
to: (1) the non-satisfaction or non-waiver, on a timely basis or otherwise, of one or more closing conditions to the proposed transaction;
(2) the prohibition or delay of the consummation of the proposed transaction by a governmental entity; (3) the risk that the proposed
transaction may not be completed in the expected time frame or at all; (4) unexpected costs, charges or expenses resulting from the proposed
transaction; (5) uncertainty of the expected financial performance following completion of the proposed transaction; (6) failure to realize
the anticipated benefits of the proposed transaction; (7) the occurrence of any event that could give rise to termination of the proposed
transaction; (8) potential litigation in connection with the proposed transaction or other settlements or investigations that may affect
the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; (9)
the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (10) volatility and declines in aluminum
and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which
are linked to LME or other commodities; (11) the disruption of market-driven balancing of global aluminum supply and demand by non-market
forces; (12) competitive and complex conditions in global markets; (13) our ability to obtain, maintain, or renew permits or approvals
necessary for our mining operations; (14) rising energy costs and interruptions or uncertainty in energy supplies; (15) unfavorable changes
in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (16) our ability to
execute on our strategy to be a lower cost, competitive, and integrated aluminum production business and to realize the anticipated benefits
from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (17) our ability
to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (18) economic,
political, and social conditions, including the impact of trade policies and adverse industry publicity; (19) fluctuations in foreign
currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (20) changes in
tax laws or exposure to additional tax liabilities; (21) global competition within and beyond the aluminum industry; (22) our ability
to obtain or maintain adequate insurance coverage; (23) disruptions in the global economy caused by ongoing regional conflicts; (24) legal
proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (25) climate change,
climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions;
(26) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (27) claims,
costs and liabilities related to health, safety, and environmental laws, regulations, and other requirements, in the jurisdictions in
which we operate; (28) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous
substances or other damage; (29) our ability to fund capital expenditures; (30) deterioration in our credit profile or increases in interest
rates; (31) restrictions on our current and future operations due to our indebtedness; (32) our ability to continue to return capital
to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (33) cyber attacks, security breaches,
system failures, software or application vulnerabilities, or other cyber incidents; (34) labor market conditions, union disputes and other
employee relations issues; (35) a decline in the liability discount rate or lower-than-expected investment returns on pension assets;
and (36) the other risk factors discussed in Part I Item 1A of Alcoa&rsquo;s Annual Report on Form 10-K for the fiscal year ended December
31, 2023 and other reports filed by Alcoa with the SEC. These risks, as well as other risks associated with the proposed transaction,
will be more fully discussed in the proxy statement. Alcoa cautions readers not to place undue reliance upon any such forward-looking
statements, which speak only as of the date they are made. Alcoa disclaims any obligation to update publicly any forward-looking statements,
whether in response to new information, future events or otherwise, except as required by applicable law. Market projections are subject
to the risks described above and other risks in the market. Neither Alcoa nor any other person assumes responsibility for the accuracy
and completeness of any of these forward-looking statements and none of the information contained herein should be regarded as a representation
that the forward-looking statements contained herein will be achieved. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">This communication
does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities. This communication relates
to the </FONT>proposed <FONT STYLE="background-color: white">transaction. In connection with the </FONT>proposed <FONT STYLE="background-color: white">transaction,
Alcoa plans to file with the SEC a proxy statement on Schedule 14A (the &ldquo;Proxy Statement&rdquo;). This communication is not a substitute
for the Proxy Statement or any other document that Alcoa may file with the SEC and send to its stockholders in connection with the </FONT>proposed
<FONT STYLE="background-color: white">transaction. The issuance of the stock consideration in the </FONT>proposed <FONT STYLE="background-color: white">transaction
will be submitted to Alcoa&rsquo;s stockholders for their consideration. The Proxy Statement will contain important information about
Alcoa, the </FONT>proposed <FONT STYLE="background-color: white">transaction and related matters. Before making any voting decision,
Alcoa&rsquo;s stockholders should read all relevant documents filed or to be filed with the SEC completely and in their entirety, including
the Proxy Statement, as well as any amendments or supplements to those documents, when they become available, because they will contain
important information about Alcoa and the </FONT>proposed <FONT STYLE="background-color: white">transaction. Alcoa&rsquo;s stockholders
will be able to obtain a free copy of the Proxy Statement, as well as other filings containing information about Alcoa, free of charge,
at the SEC&rsquo;s website (www.sec.gov). Copies of the Proxy Statement and other documents filed by Alcoa with the SEC may be obtained,
without charge, by contacting Alcoa through its website at <FONT STYLE="color: Blue"><U>https://investors.alcoa.com/</U></FONT></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alcoa, its directors, executive officers and other persons related
to Alcoa may be deemed to be participants in the solicitation of proxies from Alcoa&rsquo;s stockholders in connection with the proposed
transaction. Information about the directors and executive officers of Alcoa and their ownership of common stock of Alcoa is set forth
in the section entitled &ldquo;<I>Information about our Executive Officers</I>&rdquo; included in Alcoa&rsquo;s annual report on Form
10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 21, 2024 (and which is available at https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/1675149/000095017024018069/aa-20231231.htm),
and in the sections entitled &ldquo;<I>Director Nominees</I>&rdquo; and &ldquo;<I>Stock Ownership of Directors and Executive Officers</I>&rdquo;
included in its proxy statement for its 2024 annual meeting of stockholders, which was filed with the SEC on March 19, 2024 (and which
is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1675149/000119312524071354/d207257ddef14a.htm). Additional information
regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement and other relevant materials
to be filed with the SEC in connection with the proposed transaction when they become available. Free copies of these documents may be
obtained as described in the preceding paragraph.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Exhibit 1</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>[&hellip;]</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>JIM BECK</B>: He will also discuss
the Alumina Limited transaction that we announced in February and then Matt Reed, our Chief Operating Officer, will discuss progress
that we're making in EH&amp;S, provide an operations update and also discuss our Advancing Competitiveness program that is meant to save
money year over year in a sustainable way.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>[&hellip;]</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>BILL OPLINGER</B>: Andrew runs strategy,
corporate development and business development out of Pittsburgh. And really got started very quickly with the announcement around the
Alumina Limited deal and was instrumental in helping the team get the Alumina Limited deal done. So Andrew, I'll turn it over to you
just to say some opening words.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>[&hellip;]</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>BILL OPLINGER</B>:
Secondly, we announced the Alumina Limited deal and I'm going to address that on a separate slide. Unfortunately, I can't take questions on it
because the way the regulatory system works in the US, we will actually be posting these comments for public consumption. So I will not
take questions on it, but I'll try to address as many of your questions as I possibly can.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>[&hellip;]</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>BILL OPLINGER</B>: Let me address
the Alumina Limited deal. This is a transaction where we are issuing shares to, in exchange for Alumina Limited shares. So our shareholder
registry will grow significantly around &ndash; well, precisely -- on the day of, when the deal is closed, 31.25 percent of our shares
will be held by the former Alumina Limited shareholders. That means that we will have a listing in Australia, so we will have what's
called an ASX listing in Australia that has about 30%, roughly 30%, of our shares outstanding.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This is a transaction where we're, where
we're buying, our shareholders are buying, the remaining 40% of the AWAC joint venture. So remember the AWAC joint venture is ownership
in the preponderance of our bauxite and refining businesses around the world. So this transaction is really good for our shareholders.
It's good for our shareholders because we are going to get exposure to some of the best mining and refining assets, aluminum mining and
refining assets in the world. So we get 40% more exposure there. We get simplification of our structure. When an equity investor looks
at our company, they have to understand that 40% ownership by the other company, they have to understand what rights there are. They
won't need to understand that anymore. So it's good from that perspective and it will allow us some operational flexibility and speed
of decision-making that we haven't had with the, with the current AWAC joint venture.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">It's good for their shareholders, too.
This is a classic win, win. It's good for their shareholders because now their shareholders will get exposure to the entire aluminum
value chain. So they'll get exposure to aluminum. They'll also get exposure to our breakthrough technologies -- Refinery of the Future,
ASTRAEA and ELYSIS. So it's good from that perspective.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We announced it in the first quarter,
we're going to get it closed in the third quarter. We're in the process of doing it and it's a lot of work by a lot of people but we'll
get it done. So I believe with that, I turn it over to you, Matt.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>[&hellip;]</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>TAMMI JONES</B>: You also gave us some feedback about the number of contacts or the quality of the engagement that you
are having with your line managers. We've made a number of changes in those areas and I think we've been pretty bold about our aspirations
for the company -- certainly Bill has since he's come into the role and we've really started to make some progress. The Alumina Limited
deal is obviously a significant step forward for us, so as a reminder, it's just really important that we hear from you. So please make
your voice heard.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>[&hellip;]</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
