Steel Dynamics on Thursday denied that it has breached a contract to deliver steel to General Motors.

According to Reuters, Steel Dynamics said that the amount under dispute with GM, which has filed a lawsuit against the steel company, is “not material” and amounts to less than $US4 million before taxes.

“There is simply no binding contractual obligation on SDI’s part to supply GM with the steel it wants at the price it wants to pay,” Steel Dynamics president and chief executive officer Keith Busse said in a statement cited by the news agency.