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Aluminum. And I would highly recommend using VHT "flat aluminum" paint. The best method for doing so would be to disassemble the alternator to get the bare outer shell. Wash and dry it, then shoot a couple of coats of VHT. Let dry overnight, then bake it to convert it to a ceramic coating (per instructions on the can). I did this almost 10 years ago and the alternator still looks just like it did that day!!
I believe Eastwood has a coating just for ALT & Waterpumps. Its called Aluma-blast? or something like that.
Remove the ALT, give a brief cleaning with carb cleaner on a shop towel, then hang it using a wire coat hanger. Spay away.
I shoved some paper towel in some of the ports of the ALT.
The coating makes the ALT look new instead of just painted.