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.

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.

It was unclear what the details of the investment 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.”