Whirlpool Corporation announced that the Circuit Court of Berrien County, MI, U.S., has issued a temporary restraining order that requires steel supplier ISPAT Inland Inc. to continue providing steel to Whirlpool under the terms of the current supply agreement between the two companies. A court hearing is scheduled for June 2 to address Whirlpool's request for further injunctive relief.
Whirlpool filed the motion on May 20 for injunctive relief to prevent ISPAT from unilaterally imposing surcharges or terminating steel shipments. By terms of the agreement, the appliance maker says ISPAT Inland is obligated to supply Whirlpool's requirements for specific types of steel used in the manufacture of clothes washers, dryers, and dishwashers in the U.S.
Based on the court order, Whirlpool says it remains confident in its previously announced full-year earnings guidance of $6.20 to $6.35 per share.
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