While steel industry experts agree that the current credit crunch will have some effect on current and future merger and acquisition activity, views differ on the extent.

Some believe that mergers and acquisitions will slow but ultimately continue to run their course; others see such activity grinding to a halt.

"There's been a great deal of merger and acquisition activity and vertical integration during the past five years and we haven't seen the last of it," John P. Surma, chairman and chief executive officer of U.S. Steel Corp., Pittsburgh, said during the 42nd Annual Conference of the World Steel Association, formerly the International Iron and Steel Institute, in Washington. "There still has to be additional consolidation in the industry. This (financial situation) may take some of the momentum away from consolidation but it will not stop it."

Lakshmi N. Mittal, chairman of Luxembourg-based ArcelorMittal...