Big mining news on Friday. Japanese steelmaker Nippon will drop its plans to buy U.S. Steel, and instead, will invest in the company.

Japanese Prime Minister Shigeru Ishiba came to the White House on Friday and was expected to spend a little more than two hours with President Donald Trump for a working lunch and a joint news conference before making the return trip to Tokyo.

President Donald Trump on Friday suggested that Nippon Steel would no longer buy US Steel as planned, and would instead invest heavily in the company.

Nippon Steel “is going to be doing something very exciting about US Steel,” Trump said with PM Ishiba by his side. “They’ll be looking at an investment rather than a purchase.”

The details remain unclear. Trump said he would meet with the head of Nippon Steel next week “to mediate and arbitrate.”

The U.S. president mistakenly referred to Nippon as “Nissan,” the Japanese automaker.

At the end of 2023, U.S. Steel and Nippon announced plans for the nearly $15 billion dollar acquisition.

But it’s Nippon Steel’s bid that both Trump and President Joe Biden vowed to block.

John Arbogast, a leader with the United Steelworkers, told WDIO, “Hopefully it’s encouraging news that an iconic company like U.S. Steel will stay an American company.”