Alcoa Corp

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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ALCOA CORPORATION

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At Alcoa, it’s about results and how we achieve them Our Values

Act with Integrity ●Be open, honest, and accountable ●Do the right thing the right way ●Promote high ethical standards

Operate with Excellence ●Continually improve standards of operation ●Analyze every angle to overcome difficulty ●Empower people with the right resources to do their best workCare for People ●Put safety and health first ●Seek solutions with inclusive teams ●Make decisions with the community in mindLead with Courage ●Embrace opportunities to reinvent ●Innovate for long-term impact ●Challenge the status quo

201 Isabella Street, Suite 500

Pittsburgh, Pennsylvania 15212

March 19, 2025

Dear Alcoa Stockholders:

We are pleased to invite you to attend the 2025 Annual Meeting of Stockholders (the “Annual Meeting”) of Alcoa Corporation (“Alcoa,” or the “Company”) to be held virtually via live webcast on Thursday, May 8, 2025, at 5:30 p.m., Eastern Daylight Time (“EDT”) (Friday, May 9, 2025, at 7:30 a.m. Australian Eastern Standard Time (“AEST")). You will be able to attend the Annual Meeting online by visiting www.virtualshareholdermeeting.com/AA2025.

We believe that hosting a virtual Annual Meeting enables greater stockholder attendance and participation from any location around the world, improves meeting efficiency and safety, effectively allows us to communicate with our stockholders, and reduces the cost and environmental impact of the Annual Meeting.

At the Annual Meeting, stockholders will vote on the matters set forth in the 2025 Proxy Statement (the “Proxy Statement”) and the accompanying notice of the Annual Meeting. The Proxy Statement describes our governance structure and our executive compensation program, which “pays for performance.” We believe that both our governance structure and compensation program reinforce our alignment with stockholder interests.

Your vote is important. Whether or not you will attend and participate in the Annual Meeting, we hope that your shares are represented and voted. In advance of the Annual Meeting on May 8, please cast your vote through the internet, by telephone, or by mail. Instructions on how to vote are found in the section entitled “Questions and Answers About the Annual Meeting and Voting” in the Proxy Statement.

Alcoa’s strategic priorities to Reduce Complexity, Drive Returns, and Advance Sustainably form the basis of our goals to deliver improvement in our business operations and create value for stockholders. These strategic priorities are underpinned by our four corporate values—Act with Integrity, Operate with Excellence, Care for People, and Lead with Courage—which guide the way we act, operate, and interact with our customers, communities, and each other.

2024 was a productive year at Alcoa. We progressed operational improvements and actions to execute our long-term strategy. We operated with no fatalities or life altering injuries, acquired our joint venture partner Alumina Limited, announced the sale of our Ma’aden joint ventures, achieved several production records, began to de-lever the Company, and delivered on our $645 million profitability improvement program, with more savings and ahead of schedule. We are focused on building on this progress by continuing to improve safety and operational stability, and are pursuing targeted areas for growth to deliver value to our stockholders.

Finally, on behalf of the Board of Directors, I sincerely thank Steve Williams, our Board Chairman, for his years of service and contributions to Alcoa since our launch as a public company in 2016, and for his leadership as Chairman of the Board since 2021. Steve has determined that he will not stand for re-election at the Annual Meeting. Alcoa has benefited significantly from his guidance and perspective over the past eight years, and we look to build on this legacy into 2025 and beyond.

Sincerely,

William F. OplingerPresident, Chief Executive Officer and Director

Table of Contents

Proposal 1: Election of 11 Director Nominees to Serve for One-Year Terms Expiring in 2026

Proposal 3: Approval, on an Advisory Basis, of the Company’s 2024 Named Executive Officer Compensation

Proposal 2: Ratification of the Appointment of PricewaterhouseCoopers LLP as the Company’s Independent Auditor for 2025

Table of Contents [TO BE UPDATED]

i

Notice of 2025 Annual

Meeting of Stockholders

Agenda