NEW YORK (TheStreet) -- Alcoa (AA) - Get Report stock is increasing 0.58% to $9.56 in early afternoon trading Thursday after the U.S. International Trade Commission began an investigation of the impact of aluminum imports on the domestic industry.

A similar investigation into steel imports earlier this year resulted in higher tariffs, especially on Chinese imports, causing steel-related stocks to rally.

If the U.S. government imposes tariffs on aluminum imports, Alcoa's stock price could double, TheStreet's Jim Cramer said on CNBC's Squawk on the Street this morning.

Cramer did not recommend buying Alcoa because of the company's upcoming earnings release, due out Monday after the market open.

Alcoa, a New York City-based metals engineering and manufacturing company, is expected to report a sharp decline in earnings per share and revenue for the 2016 first quarter.

Wall Street is anticipating earnings of 2 cents per share on revenue of $5.14 billion for the latest quarter, compared with earnings of 28 cents per share on revenue of $5.82 billion for the 2015 first quarter.

Monday's report will be one of the last few quarterly results that the company releases before splitting into two companies later this year.

Separately, Alcoa has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's strengths, such as solid financial position based on certain debt and liquidity measures, and its weaknesses, including deteriorating net income, disappointing return on equity and poor profit margins.

You can view the full analysis from the report here: AA

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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