The compromised international buyout of U.S. Steel took an unexpected turn Friday. President Donald Trump revealed that the Japanese-owned company will back away from its $14.9 billion to acquire U.S.

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.

President Trump said Japanese-based Nippon Steel will look to invest in U.S. Steel, rather than outright owning the iconic American company.

Trump announced Friday that Nippon Steel was dropping its $14.1 billion acquisition of the American steel company and would instead be making an “investment, rather than a purchase.”

Speaking alongside Japanese Prime Minister Shigeru Ishiba at the, Trump said Nippon would instead "invest heavily" in the company without taking a majority stake. The Japanese firm's attempted takeover of Pennsylvania-based US Steel was previously blocked by President Joe Biden on national security grounds.