The steel industry could be ripe for a new round of mergers and acquisitions. The $800 billion industry has already experienced a number of mega-mergers during the last 10 years. Steel prices have fallen 50% over the last four months, as have stock valuations, leaving many companies vulnerable to takeovers. Companies with substantial cash and low debt are the most likely acquires. Such companies include Thyssenkrupp and US Steel as well as Chinese companies. However, some analysts expect steel companies to wait out the worst of the financial crisis before making acquisitions. They make expect more acquisition in late 2009 and into 2010.