Japan's Nippon expected to close acquisition of U.S. Steel at $55 per share, sources say

Japan's Nippon Steel is expected to acquire U.S. Steel for $55 per share, sources familiar with the matter told CNBC's David Faber.

President Donald Trump cleared Nippon's bid for U.S. Steel on Friday, referring to the deal as a "partnership." Trump said the deal will bring $14 billion of investment over the next 14 months. U.S. Steel's headquarters will remain in Pittsburgh, the president said.

President Joe Biden had blocked Nippon's bid for U.S. Steel on national security grounds, arguing that the deal will potentially jeopardize critical supply chains. But Trump ordered a new review of the proposed acquisition in April, despite his previous opposition to Nippon acquiring U.S. Steel.

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