President Trump on Friday said Nippon Steel is planning a significant investment in U.S. Steel, which remains an acquisition target of the Japanese metal giant.

Mr. Trump said during a joint press conference with Japanese Prime Minister Shigeru Ishiba that Nippon “is going to be doing something very exciting about U.S. Steel. They’ll be looking at an investment rather than a purchase.”

Mr. Trump didn’t offer more details about the potential deal, but suggested that it would be better for Americans than an outright acquisition of the U.S. business staple by a foreign country.

The president called U.S. Steel a “very important company” and that its being bought by an overseas company would be “psychologically not good” for America.

Mr. Trump said he would meet with the head of Nippon, which he accidentally called “Nissan.”

Nippon is the world’s fourth-largest steel company and has offered $15 billion to buy the Pittsburgh steel giant. Mr. Trump has long opposed that idea and repeated that sentiment earlier Friday.

Former President Joe Biden blocked the deal, citing national security concerns, and Mr. Trump agreed.

“No,” the president said when asked if he changed his mind.

Mr. Ishiba came to Washington to try and change Mr. Trump’s opinion.

Even before taking office, Mr. Trump repeatedly said on the campaign trail that U.S. Steel is too connected to America’s legacy and security to be purchased by a foreign company.

Still, Eiji Hashimoto, Nippon Steel’s CEO, told reporters last month that there was “no reason or need to give up” on the acquisition.

“This is not just the most important matter for our company’s business strategy,” he said. “I am firmly convinced this is something extremely beneficial for Japan and the United States.”

Takahiro Mori, vice president of Nippon Steel, told reporters in Japan on Thursday that the company hopes the Trump-Ishiba meeting will be a “catalyst” paving the way toward a deal. Nippon has sued the U.S. government over blocking the acquisition.