NEW YORK (TheStreet) -- TheStreet's Jim Cramer is keeping an eye on Alcoa (AA) as the aluminum producer kicks off earnings season with its second quarter results set for release after the close Wednesday.

Cramer said the company is not that sensitive to the dollar because the company has businesses overseas, and its currency exposure is diversified. However, he does think that aluminum has been under a lot of pressure.

An oversupply of aluminum in the market has resulted in a volatile pricing environment. Earlier this week, the company announced it would permanently close one of its main aluminum operations in Brazil in an effort to lower production costs.

Cramer said he's been looking at Alcoa on a year basis, meaning that when they close this deal with RTI International Metals (RTI) they're going to become a very different company.

Right now, Cramer noted, people don't want to own Alcoa because it's just a pure aluminum company, but it will be much more of a higher-end company by this time next year.

With RTI, Alcoa is looking to expand beyond its aluminum business and into aerospace, with a focus on nickel- and titanium-based materials used to make aircraft.

Cramer advised investors to think a little bit longer-term with Alcoa.

Wall Street analysts, on average, are expecting the company to post earnings of 23 cents a share on $5.79 billion in revenue for its second quarter.

In its last quarter, the company posted an upside surprise of nearly 8%. In April, Alcoa said it expected global demand for aluminum to rise by 6.5% this year.

In the company's earnings call Wednesday, investors will be looking for details on aluminum demand as well as any information regarding pricing trends.

Shares of Alcoa are down about 31% year-to-date. The stock currently has an average buy rating and an average price target of about $17.60. Alcoa is a leader in the engineering and manufacturing of lightweight metals.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.

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