However, Alcoa wasn't his focus but other industries: trucking and aerospace.
Cramer said Boeing (BA) has orders for 10,675 new planes. Based on expected output, that equates to an eight-year backlog.
After the fall to $124 from $140, he called the stock a buy.
In the commercial trucking space, orders increased 35% to 90,000 vehicles. Because of this increase, investors should buy Paccar (PCAR), he said.
"The truck bull market lives. The aerospace bull market lives," Cramer argued.
However, he advised investors to wait to buy these stocks until after the Federal Reserve releases its FOMC Minutes, which could cause increased volatility.
- - Written by Bret Kenwell in Petoskey, Mich.