STLD
Steel Dynamics, Inc.
Is STLD Halal?
Steel, aluminum, metals recycling and fabrication are generally permissible, and the current asset-based financial ratios pass; business-revenue and interest-only allocation remains incomplete.
What You Should Know
Steel Dynamics' March 31, 2026 Form 10-Q reports $16,720.219 million of total assets, $4,200.793 million of interest-bearing debt, $556.527 million of cash, $2,056.434 million of receivables and $4,369.195 million of quarterly net sales. Those inputs produce debt/assets of 25.12%, liquidity of 3.33% and receivables plus cash/assets of 15.63%, so the examined asset-based financial screens pass. The filing reports $8.5 million of net other income but combines interest income with equity-method and other non-operating activity, so no interest-only percentage or fixed purification rate is asserted. Steel, aluminum, metals recycling and fabrication are generally permissible industrial activities, but the public filing does not allocate a universal prohibited-revenue numerator. This is a current ZakatInvest calculation, not an index-membership claim.
⚠️ Concerns
- •Debt/assets of 25.12% are below the examined 33% asset-based limits, but cyclical steel and scrap prices can change the ratio
- •The filing combines interest income with equity-method and other non-operating income in net other income; no fixed purification percentage is asserted
- •Commodity, electricity, natural-gas and scrap hedging instruments require scholar-specific treatment
- •The aluminum flat-rolled mill is ramping and has required substantial capital deployment, creating execution, impairment and financing risks
- •Customer end use, downstream projects, environmental impacts and imported-material exposure remain qualitative diligence topics
- •Market-cap denominator methods are not calculated without a licensed historical market-cap series
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
4,200.793 / 16,720.219
556.527 / 16,720.219
2,612.961 / 16,720.219
- Financial
- Incomplete
- Overall
- Incomplete
Debt is 25.12%, liquidity is 3.33% and receivables plus cash are 15.63%, below the examined known financial limits. The filing does not provide a reproducible interest-only numerator for the income test or a universal prohibited-revenue numerator.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity and receivables-plus-cash pass the examined total-assets limits, but the filing does not disclose a universal prohibited-revenue or interest-only numerator. This is a calculation against the named method, not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt is 25.12% and identifiable cash is 3.33% of total assets; the core industrial activity is generally permissible, but screened business revenue is not separately allocated. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Steel Dynamics manufactures steel and aluminum products, processes ferrous and nonferrous scrap, and fabricates steel joists and deck products. These industrial manufacturing, recycling and construction-material activities are generally permissible at the activity level.
Limitation: The filing reports product and segment sales but does not allocate a universal prohibited-revenue numerator by customer, end use, contract or derivative activity, so no unsupported haram-revenue percentage is estimated.
Purification
The filing combines interest income with equity-method and other non-operating income, so no scholar-approved fixed purification rate is calculated from the $8.5 million net other-income line.
Inputs, assumptions and primary sources
- Assets use Steel Dynamics' consolidated total assets of $16,720.219 million at March 31, 2026.
- Interest-bearing debt uses current maturities of $22.124 million plus long-term debt of $4,178.669 million. Other liabilities, redeemable noncontrolling interests and derivative exposures are not silently added as conventional debt.
- Cash uses $556.527 million of cash and equivalents. The filing defines cash equivalents as highly liquid investments with maturities of three months or less; no separately identifiable interest-bearing securities balance is entered to avoid double counting.
- Accounts receivable uses $2,050.980 million of net trade receivables plus $5.454 million of related-party receivables, consistent with the filing's approximately $2,056.4 million total.
- Quarterly revenue uses $4,369.195 million of consolidated net sales for the three months ended March 31, 2026.
- Other income is reported net at $8.5 million and includes interest income, equity-method investment income and other non-operating activity; the filing does not provide a reproducible interest-only numerator, so non-compliant income is unavailable rather than estimated.
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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