President Donald Trump signaled his continued opposition to Nippon Steel Corp.’s proposed purchase of United States Steel Corp., as he met with Japanese Prime Minister Shigeru Ishiba, dampening hopes among the deal’s advocates that he might help revive a transaction blocked by his predecessor.

Trump said the company agreed to invest heavily instead of owning U.S. Steel. According to the president, he will mediate and arbitrate a meeting with Nippon next week. President Joe Biden, before leaving office last month, blocked the purchase, citing national security concerns.