Trump said the company agreed to invest heavily instead of owning U.S. Steel. According to the president, he will mediate and arbitrate a meeting with Nippon next week. President Joe Biden, before leaving office last month, blocked the purchase, citing national security concerns.

President Trump is considering allowing Japan's Nippon Steel to complete its $14.1 billion acquisition of U.S. Steel, according to multiple sources. Approval of the transaction isn't definite, and Mr. Trump has not made a final decision, sources say.

President Donald Trump is suggesting that Nippon Steel will no longer buy U.S. Steel as planned, but the Japanese company will instead invest in the symbolically important American business.