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.

President Trump supports the Japanese company’s taking a stake in the American steel maker after the U.S. blocked a $14 billion takeover bid.

Days after a surprise announcement from President Donald Trump about a $14.9 billion deal, the companies involved have remained mum.

Asian stocks tracked Wall Street higher on Friday, while the dollar eased as investors contended with U.S. President Donald Trump's reciprocal tariffs that were not immediately imposed as well as U.S. data allaying investor worries on inflation.

President Trump said Friday that Japan's Nippon Steel will drop its $14.1 billion bid to acquire U.S. Steel and instead "invest heavily" in the company.

Nippon Steel Corp. slumped the most in four months after a closely watched summit between US President Donald Trump and Japanese Prime Minster Shigeru Ishiba heightened uncertainty over the company’s plan to acquire United States Steel Corp.

President Donald J. Trump on Friday afternoon suggested Nippon Steel Corp. has agreed to invest in United States Steel Corp. instead of acquiring the Pittsburgh-based manufacturer as it has been working toward since December 2023 in a $14.9 billion deal blocked by then-President Joe Biden last month.

They’ll be looking at an investment rather than a purchase,” President Donald Trump said at a news conference with Japanese Prime Minister Shigeru Ishiba.

Nippon Steel , Japan's biggest steelmaker, said on Thursday its proposed acquisition of U.S. Steel fits with President Donald Trump's goal of a stronger United States as the leaders of the two allies prepared to meet.