SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Collins Robert Sean (Last) (First) (Middle) 390 PARK AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip)	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) Exec VP and Controller
	3. Date of Earliest Transaction (Month/Day/Year) 11/14/2016
	4. If Amendment, Date of Original Filed (Month/Day/Year)	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. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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	11/14/2016		M		4,012	A	$24.73	32,046(2)	D
Common Stock	11/14/2016		S		4,012	D	$29.551(1)	28,034(2)	D
Common Stock	11/14/2016		M		18,271	A	$19.89	46,305(2)	D
Common Stock	11/14/2016		S		18,271	D	$29.551(1)	28,034(2)	D
Common Stock	11/14/2016		M		18,164	A	$22.78	46,198(2)	D
Common Stock	11/14/2016		S		18,164	D	$29.551(1)	28,034(2)	D
Common Stock								130	I	By Wife in Company 401(k) Plan
Common Stock								454	I	By Company 401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 (Month/Day/Year)		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: 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)(3)	$24.73	11/14/2016		M			4,012	(4)	01/16/2024	Common Stock	4,012	$0(5)	2,006	D
Employee Stock Option (right to buy)(3)	$19.89	11/14/2016		M			18,271	(6)	01/16/2023	Common Stock	18,271	$0(5)	0	D
Employee Stock Option (right to buy)(3)	$22.78	11/14/2016		M			18,164	(7)	01/20/2022	Common Stock	18,164	$0(5)	0	D

Explanation of Responses:

1. The price reported in column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $29.4350 to $29.7800. 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 purchased at each price within the range set forth in this footnote.

2. Shares of Alcoa Corporation ("Alcoa") common stock were received by the reporting person pursuant to the distribution paid by Alcoa Inc. (now renamed Arconic Inc.) ("Arconic" or "Parent") on November 1, 2016, to Parent shareholders of record as of October 20, 2016 (the "Record Date"), of one share of Alcoa common stock for every three shares of Parent common stock held on the Record Date (the "Distribution"), pursuant to the separation and distribution agreement, dated October 31, 2016, between Alcoa and Parent. Also includes shares of common stock underlying awards resulting from the conversion of Parent equity awards in connection with the Distribution pursuant to the terms of the employee matters agreement, dated as of October 31, 2016, between Alcoa and Parent (the "Employee Matters Agreement").

3. Resulted from the conversion of Parent stock option awards, in connection with the Distribution pursuant to the terms of the Employee Matters Agreement.

4. This option is part of an option grant that vests in three equal annual installments beginning January 16, 2015. The installment exercised by the reporting person as reported herein vested on January 16, 2015 and January 16, 2016.

5. Employee stock options are granted without payment of consideration.

6. This option vested in three equal annual installments beginning January 16, 2014.

7. This option vested in three equal annual installments beginning January 16, 2013.

Remarks:

	/s/ Marissa Earnest (Assistant Secretary), by power of attorney	11/16/2016
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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