Nippon Steel is poised to expand its operations in the U.S. and India as it hunts for growth and protection from cheap Chinese exports after its bid for U.S. Steel was blocked by the White House, analysts say.

Despite the bleak outlook, Nippon Steel and US Steel had been pushing forward with the deal for months with concessions and incentives for workers.

Shares in Nippon Steel Corp. slipped on Monday, the first day of trading since US President Joe Biden blocked the Japanese company’s planned $14.1 billion takeover of United States Steel Corp.