March 16, 2006 — Steel Dynamics, Inc. announced that General Motors Corp. has withdrawn its appeal of a Michigan trial court's August 2004 dismissal, with prejudice, of GM's March 2004 breach of contract lawsuit against Steel Dynamics.

The Oakland County (Michigan) Circuit Court had ruled, in favor of Steel Dynamics, that a certain January 2003 GM multi-year "award letter" issued to Steel Dynamics was not in fact an enforceable contract. The court further ruled that GM could not compel Steel Dynamics to sell GM steel throughout 2004 at January 2003 prices.

The Michigan Court of Appeals has granted GM's withdrawal request, thereby bringing an end to this litigation.