U.S. President Donald Trump on Friday said Nippon Steel's $14.9 billion bid for U.S. Steel would take the form of an investment instead of a purchase, even as two sources familiar with the matter said the Japanese steel company had not withdrawn its bid.
Nippon's pursuit of U.S. Steel has stretched on for more than a year, with Trump vociferously condemning the proposal on numerous occasions, before Friday's more tempered remarks at the Oval Office with Prime Minister Shigeru Ishiba at his side.
U.S. Steel did not respond to a request for comment, while Nippon Steel declined to comment late Friday. It was unclear if the investment referred to a new deal structure and what the details of the transaction would be, but Trump said he would meet with the head of Nippon Steel next week and he would be involved "to mediate and arbitrate."
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