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.

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 has said Japan's Nippon Steel will drop its $14.9bn (£12bn) bid to acquire US Steel. Speaking alongside Japanese Prime Minister Shigeru Ishiba at the White House, Trump said Nippon would instead "invest heavily" in the company without taking a majority stake.