"I think the rails come down," Jim Cramer said on Wednesday on CNBC's "Stop Trading!" segment. "But I've been saying that for a while, and they haven't come down."

Norfolk Southern ( NSC) and other rail companies are "locked in a lot of deals, but remember, you're shipping coal -- Peabody ( BTU) says coal's hanging in, but I don't think that could happen -- you're shipping fertilizer, obviously lumber's not going anywhere, oil's not going anywhere," Cramer said. "I mean, what are you shipping that's going to hold up next year?"

CSX ( CSX) and Ryder ( R), which Cramer called a "great company," might feel the effects, too. Cramer said that Ryder CEO Greg Swienton "said there's nothing to ship." Swienton's "an honest, candid CEO," Cramer said, "and he's a realist. He's talking about a reason why the Dow's down 400."

As for U.S. Steel ( X), Cramer said he thinks Nucor's ( NUE) "got a better situation." "I respect the fact that X is going down, and I think it could go down more," he said. "What a decline, because the yilde isn't like Nucor's yield."
At the time of publication, Cramer had no positions in stocks mentioned.

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