President Donald Trump on Friday said Japan’s Nippon Steel will invest heavily in U.S. Steel rather than purchase the company.

“They’ll be looking at an investment rather than a purchase,” Trump said at a news conference with Japanese Prime Minister Shigeru Ishiba. “They’ve agreed to invest heavily in U.S. Steel, as opposed to own it.”

U.S. Steel shares dropped more than 6% after Trump’s comments. The president misspoke during his remarks, referring to Nissan when he meant Nippon would make an investment.

Former President Joe Biden blocked Nippon’s $14.9 billion bid for U.S. Steel in early January, citing national security concerns. U.S. Steel and Nippon have asked a federal court to overturn Biden’s decision, alleging that he acted unconstitutionally.

Trump has also opposed the deal, though U.S. Steel has lobbied the president to reconsider his predecessor’s decision. U.S. Steel CEO David Buritt met with Trump at the White House on Thursday.

This is a developing story. Please check back for updates.