If you thought Nippon Steel's bid to acquire U.S. Steel was dead in the water, think again. The merger was blocked by President Joe Biden last year, but President Donald Trump is in the White House now — and he may be a bit more flexible about the deal.

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.

Trump said the company agreed to invest heavily instead of owning U.S. Steel. According to the president, he will mediate and arbitrate a meeting with Nippon next week. President Joe Biden, before leaving office last month, blocked the purchase, citing national security concerns.