Japan's Nippon Steel is considering proposing a bold change in plan from its previous approach of seeking to buy U.S. Steel, Chief Cabinet Secretary Yoshimasa Hayashi said on Monday, though the company declined to comment.

Days after a surprise announcement from President Donald Trump about a $14.9 billion deal, the companies involved have remained mum.

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.

Nippon Steel Corp. slumped the most in four months after a closely watched summit between US President Donald Trump and Japanese Prime Minster Shigeru Ishiba heightened uncertainty over the company’s plan to acquire United States Steel Corp.

Global hedge funds have been snapping up Chinese stocks for much of this year, with their buying accelerating in the past week as the emergence of homegrown artificial intelligence startup DeepSeek fueled investor enthusiasm, Goldman Sachs said in a note.

President Donald Trump is suggesting that Nippon Steel will no longer buy U.S. Steel as planned, but the Japanese company will instead invest in the symbolically important American business.

The details remain unclear. President Donald Trump said he would meet with the head of Nippon Steel next week “to mediate and arbitrate.”

Nippon Steel , Japan's biggest steelmaker, said on Thursday its proposed acquisition of U.S. Steel fits with President Donald Trump's goal of a stronger United States as the leaders of the two allies prepared to meet.

Nippon Steel will make a "bold proposal" in its effort to invest in US Steel, Japan's top government spokesperson said on Monday.