TOKYO (Reuters) - Nippon Steel President Tadashi Imai said on Tuesday talks are set to start with the U.S. Department of Commerce as it aims to revive its bid to purchase U.S. Steel.

The Japanese company's previous merger agreement with U.S. Steel, blocked by the administration of former President Joe Biden, will serve as a starting point for discussions, Imai said.

Nippon Steel's financial and capital investments are interconnected with its proposed acquisition of the American company, Imai said.