US President Donald Trump said Japanese steelmaker Nippon Steel will invest heavily in US Steel rather than acquire it.

He made the remarks after meeting with Japanese Prime Minister Ishiba Shigeru at the White House on February 7 for their first summit talks.

Trump said he will meet with Nippon Steel executives to work out the details.

He said that US Steel is a very important company to the United States and that he did not want it purchased but loves the idea of investment.

Nippon Steel had planned to acquire US Steel based on the two companies' agreement, but Trump's predecessor Joe Biden blocked the plan in January, with few weeks left in his presidential term.

Details of the new plan are still unclear.

Nippon Steel has not yet commented on the matter.

But a senior official of Japan's Economy, Trade and Industry Ministry said Trump's comments, which likely came after his talks with US Steel, mark a step forward.

The official noted that the stalemate under the Biden administration now appears to be moving.