Whirlpool Corporation announced that the Circuit Court
of Berrien County, Mich., 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
Whirlpool filed the motion today for injunctive relief to
prevent ISPAT from unilaterally imposing surcharges or
terminating steel shipments. By terms of the agreement, 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 United States.
Based on the court order, the company remains confident in
its previously announced full-year earnings guidance of $6.20 to
$6.35 per share. This view is based on continuing demand growth
for Whirlpool's innovative products and expected improvements in
the company's productivity performance in 2004.
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