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                              November 12, 2021

       William F. Oplinger
       Chief Financial Officer
       Alcoa Corporation
       201 Isabella Street, Suite 500
       Pittsburgh, Pennsylvania 15212-5858

                                                        Re: Alcoa Corporation
                                                            Form 10-K for the
Year Ended December 31, 2020
                                                            Form 10-Q for the
Quarter Ended September 30, 2021
                                                            File No. 001-37816

       Dear Mr. Oplinger:

              We have limited our review of your filing to the financial
statements and related
       disclosures and have the following comments. In some of our comments, we
may ask you to
       provide us with information so we may better understand your disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Form 10-K for the Year Ended December 31, 2020

       Management   s Discussion and Analysis of Financial Condition and
Results of Operations
       Results of Operations
       Income Taxes, page 42

   1.                                                   You disclose that
beginning in 2021, you will revise the way your "operational tax
                                                        provision is calculated
on an interim basis" and that the provision "will begin to include
                                                        the interim tax impacts
required under GAAP that have previously been excluded from
                                                        our operational tax
provision calculation." Please explain to us in greater detail the
                                                        changes made to your
interim tax provision and whether it represents a change in
                                                        accounting principle.
In doing so, clarify the nature of the previously excluded items that
                                                        will now be included,
the accounting literature that supports the basis for your treatment,
                                                        the reasons for the
change, and why the change will have "no impact on the GAAP tax
                                                        provision in any
period."
 William F. Oplinger
Alcoa Corporation
November 12, 2021
Page 2
Financial Statements
Notes to the Consolidated Financial Statements
B. Summary of Significant Accounting Policies, page 66

2.       Please tell us and disclose the nature of expenses that you include
within the cost of goods
         sold line item and the nature of expenses that you include within the
selling, general
         administrative, and other expenses line item.
Inventory Valuation, page 66

3.       You disclose that inventories are stated at the lower of cost or
market. Please clarify if
         you recognize inventory at the lower of cost or market or lower of
cost or net realizable
         value and revise your disclosures accordingly. See ASC 330-10-35-1B.
S. Contingencies and Commitments, page 108

4.       We note that Alcoa of Australia Limited ("AofA") is currently involved
in a tax dispute
         with the Australian Taxation Office and that you are not recognizing
any tax expense
         related to the matter since you believe it is more likely than not
that AofA's tax position
         will be sustained. Please tell us if you believe this matter falls
within the scope of ASC
         740 or other literature, such as ASC 450, and how you arrived at your
determination. If
         applicable, tell us how you applied ASC 740-10-30-7 in determining
that no additional tax
         expense was required.
Form 10-Q for the Quarter Ended September 30, 2021

Statement of Consolidated Cash Flows , page 4

5.       Please tell us what the "Premium paid on early redemption of debt"
line item represents
         and why you reflect it as an addition to operating cash flows. See ASC
230-10-45-15(g).
       In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.

       You may contact Heather Clark at 202-551-3624 or Andrew Blume at
202-551-3254 with
any questions.



FirstName LastNameWilliam F. Oplinger                          Sincerely,
Comapany NameAlcoa Corporation
                                                               Division of
Corporation Finance
November 12, 2021 Page 2                                       Office of
Manufacturing
FirstName LastName