Github actions, how to pass variable to set-output

I'm using set-output to define an output for my steps. I want the output to be the value of the commit message (which in my case will always be a short string).

I tried to set it like this:

      - name: Store commit message for folder name
        run: echo ::set-output name=TEXT::$(echo ${{github.event.head_commit.message}})
        id: folder-name

And use it like this:

      - name: Create directory
        run: 'mkdir -p ${{steps.folder-name.outputs.TEXT}}'

But this returns an error: mkdir: missing operand. Error: Process completed with exit code 1.