While CEO's could take advantage of the opportunity overseas, here in the U.S. the metals and mining sector has been one of the most hideous groups in the entire stock market. This weakness includes steel, especially considering that the S&P metals and mining ETF is down 35 percent in the past year.
But Cramer can't help but think—could the stocks have gotten so low that they are now cheap enough that they're worth buying?
Cramer recently saw the same turmoil in the steel space when JPMorgan raised its price target for Nucor and Steel Dynamics, and Nomura cut estimates the next day.
"This has not been a good environment for steel producers, but if you have to own a steel stock, Nucor is the one to buy as an investment," Cramer said.
In the short-term, he still thinks that the estimates need to come down a bit. However as a long-term investment, Cramer considers Nucor to be a well-run company with a terrific dividend.
Another group that has made a terrific turnaround lately, are the cruise stocks. There was a time not long ago, when Cramer only associated the word "disaster" to Carnival Cruise Lines. Between a ship sinking, engine room fires, sick passengers—it seemed the company was doomed.
So how the heck did Carnival make such a turnaround that its stock keeps hitting new high after new high?
At its lowest point, the stock traded to approximately $33 a share, but has been steadily making a climb up to the $48 that it closed at on Tuesday.
"There is no question that some of the strength here has to do with a rising tide simply lifting all boats. Obviously Carnival, which is the largest cruise line, and the rest of the industry are huge beneficiaries from the decline in oil prices," the "Mad Money" host said.
But clearly Carnival has done more than just benefit from the decline in fuel costs. To start, the company said it has seen a healthier demand in theCaribbean, which is a big deal since it controls about 50 percent of the market and it has been suffering from a glut of ships.
Additionally, both the European and Chinese cruise markets are looking better, and Carnival expects about one million passengers to hit the seas this year.
So in the next market-wide selloff, Cramer recommended that investors jump in and take advantage of any pullback in the stock. And considering how it keeps reaching new highs, this could be long overdue.
Read MoreCramer: All aboard! Carnival's big turnaround