Japan's Nippon Steel may need to look at a revamp of its growth strategy after U.S. President Joe Biden blocked its proposed $14.9 billion acquisition of U.S. Steel, but its share price could bounce back in the near-term,

The president said he was moving to protect national security in deciding the fate of the iconic Pennsylvania-based company, which became a contentious political issue in an election year.

President Joe Biden announced he was blocking the purchase of U.S. Steel by Japanese steelmaker Nippon Steel on dubious economic and national security grounds.