Seeking Alpha has an article that mentions 10 stocks for under $10. One of them is AK Steel, where the author writes:
"ust a few months ago, AK Steel was rumored to be a takeover candidate for around $60 a share, and now, at $9.50, this is a steal of a steel stock. AK trades 1.9x trailing earnings, 0.13x sales, and 2.3x cash."
$9.50 a share translates into a P/E of just over 2 and a forward P/E of just over 6. This stock will also pay a 2% dividend while you wait for it to come back up.