Lafayette will see 75 new jobs added to its economy by next year.
Alcoa announcing plans to build a $90 million plant adjacent to its current facility. The new plant will expand on the company's aluminum lithium capacity.
The new alloys will supply energy for the next generation of commercial airplanes.
Production is expected to begin by the end of 2014.
The plant will produce more than 20,000 metric tons of aluminum lithium once it reaches capacity.