Norfolk Southern(NSC) and other rail companies are "locked in a lot of deals, but remember, you're shipping coal -- Peabody(BTU) says coal's hanging in, but I don't think that could happen -- you're shipping fertilizer, obviously lumber's not going anywhere, oil's not going anywhere," Cramer said. "I mean, what are you shipping that's going to hold up next year?"

Norfolk Southern(NSC) and other rail companies are "locked in a lot of deals, but remember, you're shipping coal -- Peabody(BTU) says coal's hanging in, but I don't think that could happen -- you're shipping fertilizer, obviously lumber's not going anywhere, oil's not going anywhere," Cramer said. "I mean, what are you shipping that's going to hold up next year?"

CSX(CSX) and Ryder(R), which Cramer called a "great company," might feel the effects, too.

Cramer said that Ryder CEO Greg Swienton "said there's nothing to ship." Swienton's "an honest, candid CEO," Cramer said, "and he's a realist. He's talking about a reason why the Dow's down 400."

As for U.S. Steel(X), Cramer said he thinks Nucor's(NUE) "got a better situation." "I respect the fact that X is going down, and I think it could go down more," he said. "What a decline, because the yield isn't like Nucor's yield."

As for U.S. Steel(X), Cramer said he thinks Nucor's(NUE) "got a better situation." "I respect the fact that X is going down, and I think it could go down more," he said. "What a decline, because the yield isn't like Nucor's yield."