Nippon Steel and U.S. Steel sued President Joe Biden on Monday over his decision to bar them from joining forces, alleging that he had violated their constitutional rights to due process in a corrupt bid to obtain political support for his reelection campaign.

Nippon Steel Corp. and United States Steel Corp. jointly filed lawsuits in a last-ditch effort to preserve the planned merger of the companies, which was blocked last week by President Joe Biden.

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,