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 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.

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