Business
ZK International Group Co., Ltd. Provides Update on COVID-19 (Coronavirus) and Pre-Announces Revenues for the First Half of Fiscal Year 2020
WENZHOU, China, April 8, 2020 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) ("ZK International" or the "Company"), a designer, engineer,
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"WENZHOU, China, April 8, 2020 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) (\"ZK International\" or the \"Company\"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, announced today an update regarding the impact of COVID-19 (the \"coronavirus\") on its operations.\nAfter longer than usual shutdowns that spanned much of February due to Chinese New Year holidays and subsequently coronavirus-induced government mandated lockdown order, the production at the Company's manufacturing facilities in Wenzhou City has resumed since early March and has been running at full capacity. The Company experienced increased backlog of orders during the shutdown period and now expects gradual easing of the backlog as its production returns to full capacity. \nAdditionally, ZK International announced that, despite that the Company took a slight hit as fallout from the coronavirus outbreak, which has disrupted not only the production but also its product flow starting from early February, the Company expects to report flat revenues for the first half of fiscal year 2020 (six months ended March 31, 2020). \nMr. Jiancong Huang, the Company's CEO and Chairman stated, \"Even with the slow-down in the last two months, we have managed to get our manufacturing facilities completely up to speed and operate at full capacity. We look forward to another productive year, as we have built new relationships and have begun to explore new strategic opportunities that could solidify the future growth of the Company.\"\nAbout ZK International Group Co., Ltd.\nZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for sophisticated water and gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines f...