Shares of Commercial Metals Company (CMC) tumbled 5.51% in pre-market trading on Monday after the company reported lower-than-expected fiscal third-quarter earnings and revenue. The Irving, Texas-based steelmaker's performance fell short of analyst estimates, reflecting challenges in the steel industry.

For the quarter ended May 31, Commercial Metals reported adjusted earnings of $0.74 per share, missing the FactSet consensus estimate of $0.85. This represents a significant decline from $1.02 per share in the same period last year. Net sales for the quarter came in at $2.02 billion, down from $2.08 billion a year earlier and below the $2.05 billion analysts had expected.

Despite the disappointing results, CEO Peter Matt noted that demand remained solid during the quarter, with shipments of finished steel products up 1.6% year-over-year and 10% sequentially. The company anticipates improved financial results in the fourth quarter, citing expectations of higher steel product margins over scrap and resilient activity within domestic construction markets. Additionally, Commercial Metals' exposure to the growing U.S. public-infrastructure market positions it well for future growth, according to Matt.