CLF
Cleveland-Cliffs Inc.
Is CLF Halal?
Steel manufacturer — permissible industrial materials.
What You Should Know
Cleveland-Cliffs' March 31, 2026 filing shows debt/assets 38.59%, above the examined 33% financial limits; liquidity/assets is 0.22% and receivables plus cash/assets is 9.58%. Gross interest income and a prohibited-revenue numerator are not separately disclosed, while mining, supply-chain finance and steel end uses remain qualitative concerns.
⚠️ Concerns
- •Debt screen fails at 38.59% of assets
- •Gross interest income not separately disclosed
- •Mining and remediation obligations
- •Steel end-use revenue not quantified
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
7,763 / 20,115
45 / 20,115
1,927 / 20,115
- Financial
- Fails
- Overall
- Fails
Debt is 38.59% of total assets, above the examined 33.333% limit. Liquidity is 0.22% and receivables plus cash is 9.58%; gross interest income is unavailable.
- Financial
- Fails
- Overall
- Fails
Debt is 38.59% of total assets, above the examined 33.33% limit; liquidity and receivables plus cash are below their limits. This is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 38.59% of total assets, above the examined 33% limit, while identifiable liquidity is below 33%. This is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible 24- or 36-month issuer market-cap history is not stored, so market-cap methods are not estimated from a current spot price.
Business-activity disclosure
Cleveland-Cliffs mines iron ore, processes ferrous scrap and manufactures steel products. Steel and industrial materials are generally permissible business categories, but mining, supply-chain finance and downstream end uses require qualitative review.
Limitation: The filing does not provide a reproducible prohibited-revenue numerator for scholar-specific end uses, supply-chain finance or the mining and scrap activities included in consolidated revenue.
Purification
Gross interest income is not separately disclosed and screened operating-revenue categories are not quantified; no purification percentage is inferred.
Inputs, assumptions and primary sources
- Debt uses $7,763 million of long-term debt reported at March 31, 2026; the filing reports no separate current debt balance.
- Cash uses $45 million of cash and cash equivalents. Restricted cash is not treated as unrestricted liquidity.
- Quarterly revenue is $4,922 million and the filing reports $148 million of net interest expense, not a gross interest-income amount usable as a standalone screen input.
- Cleveland-Cliffs does not separately quantify a prohibited-revenue numerator for mining, scrap, automotive, infrastructure, supply-chain finance or other end-use categories.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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