ThyssenKrupp, a German steel manufacturer, reported its net profit totaling around 59 million euros in the first half of the fiscal year 2018-19 (as of March 31st), declining from 343 million euros in the same period a year ago.

The adjusted Earnings Before Interest and Tax (EBIT) decreased by 48% year on year to 440 million euros roughly. However, the firm’s sales revenue increased by 2% year on year to around 20 billion euros.

Besides, the shipments in the European steel sector dropped to 5.1 million tons from 5.6 million tons in the same period of last year, which was caused by a reduction in output due to lower water levels in the Rhine.

According to ThyssenKrupp, the EU safeguards have failed to restrict overall imports so far.