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 is considering allowing Japan's Nippon Steel to complete its $14.1 billion acquisition of U.S. Steel, according to multiple sources. Approval of the transaction isn't definite, and Mr. Trump has not made a final decision, sources say.

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.