Are we looking at the beginning of another strong steel cycle?

In Jim Cramer's morning column on Real Money, Cramer channeled over 40 years of experience trading steel to pinpoint where the industry could head from here.

Cramer said it might be time to give steel a serious look amid small moves higher. "This is exactly how it starts. A price increase here, a price increase there -- and the next thing you know you are riding the Apollo right to the moon," Cramer wrote.

Topping Cramer's watchlist is Nucor (NUE - Get Report) . He broke down why during TheStreet's Cramer Live Show:

"That's why I always remember when you see that multiple really shrink, that's what people worry about with Micron. That means they're not going to make the earnings estimates. And Bethlehem Steel had the biggest miss I've ever seen and then they cancel the preferred that I had sold when I was at Goldman and then I had recommended people short it," said Cramer. "I got investigated for why I was short. I said, okay, listen, I know business cycles and you've got to understand that they are going to lose money. And it was like that's impossible. But they did. So then you have to do the opposite. When you get those price increases, that means that inventory is just so low. And what happens is this not $40 in one week and then $40 next. It has momentum..."

 Related. Jim Cramer: Why You Should Buy Nucor Right Now

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