President Donald Trump on Friday suggested that Nippon Steel would no longer buy U.S. Steel as planned, but the Japanese company would instead invest in the symbolically important American business.
The U.S. president mistakenly referred to Nippon Steel as “Nissan,” the Japanese automaker. But it’s Nippon Steel’s bid that generated controversy as both Trump and his predecessor in the White House, Joe Biden, vowed to block the merger.
Nippon Steel “is going to be doing something very exciting about U.S. Steel,” Trump said at a news conference with Japanese Prime Minister Shigeru Ishiba. “They’ll be looking at an investment rather than a purchase.”
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