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 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.

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.