WASHINGTON—President Trump said he supported what he described as an emerging agreement that would allow Nippon Steel to invest in—but not fully own—U.S. Steel, potentially opening up a new path for the Japanese company to enter the American steel market.

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.

President Trump says Japan's Nippon Steel will invest new technology in U.S. Steel after President Biden blocked an acquisition last month. The Gary mayor said he's happy the chances for some sort of investment is still alive.