President Donald Trump says that Japanese firm Nippon plans to make a large investment in U.S. Steel but not buy it outright.
The sale of the once-powerful U.S. company to foreign ownership was controversial in Washington.
Trump made the statement during a joint news conference with Japanese Prime Minister Shigeru Ishibana at the White House on Friday afternoon.
"They're going to be doing a big investment," Trump said. "I'm OK with that."
Trump said he would be involved in direct negotiations for the deal.
President Joe Biden moved to block the sale in the final months of his administration.
Trump also came out against the deal while he was campaigning and after the election.
"I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump wrote on his Truth Social account in December.
"I will block this deal from happening. Buyer Beware!!!"
President Donald Trump also said on Friday that he wants to slash the U.S. trade deficit with Japan. He has resumed the sale of liquified natural gas to Japan. He says that will help balance trade.
He also suggested that a pipeline will be built in Alaska to help get fuel closer to Japan.
