Shares of Cleveland-Cliffs (CLF) tumbled 6.61% in pre-market trading on Monday after the company reported its third-quarter 2025 results that fell short of analyst expectations on the revenue front.

The steel and iron ore producer announced quarterly revenue of $4.7 billion, missing the consensus estimate of $4.9 billion. Despite the revenue shortfall, Cleveland-Cliffs posted an adjusted loss per share of $0.45, which was slightly better than the expected loss of $0.48 per share.

The company's net income for the quarter came in at a loss of $234 million, highlighting the challenges faced by the steel industry in the current economic environment. The pre-market plunge suggests investors are focusing more on the revenue miss than the marginally better-than-expected bottom line, reflecting concerns about demand and pricing in the steel sector. As the trading session progresses, market participants will be closely watching for any additional insights from management regarding the outlook for the remainder of the year and potential strategies to address the revenue shortfall.