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,

Prime Minister Shigeru Ishiba also appeared to have discussed a revised plan with Nippon Steel before presenting it to Trump at their recent summit.