Japan’s Nippon Steel is expected to acquire U.S. Steel for $55 per share, sources tell CNBC.

President Donald Trump cleared the way for the deal on Friday when he said the United States will have control over U.S. Steel as part of the company's partnership with Japanese firm Nippon Steel.

As part of the deal, Nippon Steel plans to invest $14 billion into U.S. Steel's operations, including up to $4 billion in a new steel mill. Trump said on Friday the merger would create 70,000 jobs.

Pressed for more details of the agreement, Trump said on Sunday: "It will be controlled by the United States, otherwise I wouldn't make the deal."