Insteel Industries (NYSE: IIIN) saw its stock plummet 6.17% during intraday trading on Thursday, driven by investor concerns over steel price premiums and a quarterly sales miss.

The company reported Q1 earnings of $0.39 per share, beating estimates, but sales of $159.9 million fell short of expectations. Management highlighted challenges, including a seasonal slowdown in shipments and margin pressures from higher-cost raw material inventories. Additionally, Insteel expressed concerns about the significant steel price premium in the U.S. relative to global markets, which could hurt competitiveness amid rising import pressures.