An asset manager, Ancora, is challenging Nippon Steel's proposed takeover of U.S. Steel, calling for new leadership at the steelmaker after acquiring a small stake in the company. U.S. Steel is one of the major producers of steel in the U.S., employing more than 20,000 people in this a strategically important industry.

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,