FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Oplinger William F 2. Issuer Name and Ticker or Trading Symbol Alcoa Corp [ AA ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
EVP & CFO
(Last)         (First)         (Middle)
201 ISABELLA STREET, SUITE 500
3. Date of Earliest Transaction (MM/DD/YYYY)
11/16/2021
(Street)
PITTSBURGH, PA 15212-5858
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.01 per share  11/16/2021    M    22466  A $15.10  207816  D   
Common Stock, par value $0.01 per share  11/16/2021    M    32130  A $37.68  239946  D   
Common Stock, par value $0.01 per share  11/16/2021    M    19613  A $27.96  259559  D   
Common Stock, par value $0.01 per share  11/16/2021    S    166369  D $48.3961 (1) 93190  D   
Common Stock, par value $0.01 per share                 531 (2) I  By Company 401(k) Plan 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy)  $15.10  11/16/2021    M        22466   1/19/2017 (3) 1/19/2026  Common Stock  22466  $0.00  0  D   
Employee Stock Option (right to buy)  $37.68  11/16/2021    M        32130   2/2/2018 (3) 2/2/2027  Common Stock  32130  $0.00  0  D   
Employee Stock Option (right to buy)  $27.96  11/16/2021    M        19613   1/24/2020 (4) 1/24/2029  Common Stock  19613  $0.00  9807  D   

Explanation of Responses:
(1)  The price reported in column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $48.0500 - $48.7900. The reporting person undertakes to provide to Alcoa Corporation, any security holder of Alcoa Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in this footnote.
(2)  Fluctuations in 401(k) share amounts reflect the plan's unit reporting method; units represent interests in the Company's stock fund.
(3)  This option vested in equal installments over three years beginning on the date shown.
(4)  This option was part of an option grant vesting in three equal annual installments beginning on the date shown. The installments exercised by the reporting person as reported herein vested on January 24, 2020 and January 24, 2021.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Oplinger William F
201 ISABELLA STREET
SUITE 500
PITTSBURGH, PA 15212-5858


EVP & CFO

Signatures
/s/ Marissa P. Earnest, attorney-in-fact for William F. Oplinger 11/18/2021
**Signature of Reporting Person Date
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