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.

U.S. President Donald Trump said on Friday Japan's Nippon Steel will not buy U.S. Steel and would instead invest in the company, which would dramatically reshape the $15 billion merger bid that had been in negotiation for more than a year.

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.