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 Donald Trump said Friday that Japan’s Nippon Steel will “invest heavily” in U.S. Steel rather than continue to pursue an outright purchase. Former President Joe Biden blocked the nearly $15 billion sale to Nippon in his final months in office,

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.