As most are aware, Cramer's been strong on steel -- John Surma of U.S. Steel even made an appearance at Penn State with the show back on March 26, and steel's gone north 25% since then. Only Stalin may have been a stronger supporter of steel, Cramer quips. Now, however, the metal's not looking so hot, with news of lower coal prices and consumer resistance to steel industry price hikes and surcharges.
Since June 30, U.S. Steel has dropped over 14%, Arcelor Mittal 12% and Cramer fave Nucor even lost 11.5%. The steel ETF overall is down 14.6%, significantly more than the S&P500, which is down about 2%.
What's behind the weakening of steel, and is it time to Buy or Sell? Cramer brings on Dan Dienst, CEO of Sims Metal Management, the world's largest recycler of scrap metal (and a company that's also off 12% since end of June), to answer some of these questions.