President Donald Trump has said Japan's Nippon Steel will drop its $14.9bn (£12bn) bid to acquire US Steel. Speaking alongside Japanese Prime Minister Shigeru Ishiba at the White House, Trump said Nippon would instead "invest heavily" in the company without taking a majority stake.

Trump announces potential Nippon Steel investment in U.S. Steel, surprising Wall Street and raising questions about Mon Valley Works' future.

President Trump supports the Japanese company’s taking a stake in the American steel maker after the U.S. blocked a $14 billion takeover bid.