While Alcoa can't control the metal prices, Kleinfeld said Alcoa has been aggressive in cutting costs and making its commodity business as profitable as it can be. Meanwhile, the value-add businesses continue to innovate and drive growth for the company.

When asked about specific industries, Kleinfeld said that aerospace is doing very well, with lots of demand from Southeast Asia and the Middle East. Autos are also looking good, with North America continuing to grow.

Kleinfeld was also bullish on the construction market, noting that all signs are pointing in the right direction for a pickup in commercial construction. The only weak spot was China, where Kleinfeld admitted the country is slowing but overall still remains at a very healthy growth rate.

Cramer said that thanks to Kleinfeld's insights, it's clear that the read on the global economy isn't as easy to decipher as he would like.

A Tale of Two IPOs

Two recent retail IPOs caught Cramer's attention, The Container Store (TCS) and Zulily (ZU), and he applied his growth stock analysis checklist to both of them to see which, if any, are worth owning.

1. Multi-Year Growth. The Container Store plans to expand from 63 to over 300 stores, while the online Zulily could grow its 2.6 million active customers to over 5.8 million over the next few years.

2. Addressable Market. Cramer said Container has nothing to get excited about but Zulily could be huge.

3. Competition. Cramer said Container has competition but Zulily doesn't have a lot at all.

4. Use of Cash. Cramer noted that both companies are in growth mode, using all their cash to expand.

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