An alloy includes aluminum, a rare earth element, and an alloying element selected from the following: Si, Cu, Mg, Fe, Ti, Zn, Zr, Mn, Ni, Sr, B, Ca, and a combination thereof. The aluminum (Al), the rare earth element (RE), and the alloying element are characterized by forming at least one form of an intermetallic compound. An amount of the rare earth element in the alloy is in a range of about 1 wt. % to about 12 wt. %, and an amount of the alloying element in the alloy is greater than an amount of the alloying element present in the intermetallic compound.